Alliance Global Group Inc., the holding company of tycoon Andrew Tan, said Wednesday net income jumped 52 percent in the first three months to P3.9 billion from P2.6 billion in the same period last year on the reopening of the economy.
AGI said in a disclosure to the stock exchange first-quarter consolidated revenues climbed 18 percent to P37.5 billion from last year’s P31.8 billion.
AGI chief executive Kevin Tan said the improvement in mobility allowed the group’s core business, property development, gaming and leisure, liquid manufacturing and quick service restaurants to perform closer to pre-pandemic levels.
Property unit Megaworld Corp. reported a net income of P3.1 billion in the first quarter, up 30 percent from the same period last year as revenues reached P13.1 billion.
Liquor firm Emperador Inc. booked a net income of P2.1 billion as revenues inched up by 2 percent to P12.3 billion. Emperador’s premium liquor brands, primarily its whisky products, continued to post robust sales growth of 20 percent year-on-year during the quarter, while the brandy segment was impacted by rising costs.
Golden Arches Development Corp., the local franchise holder of fast-food chain McDonald’s, booked a net income of P258 million in the first quarter on consolidated revenues of P7.2-billion. GADC ended the quarter with 675 McDonald’s stores.
AGI did not report on the performance of its leisure, entertainment and hospitality business under Travellers International Hotel Group Inc.
“Armed with the learnings we have acquired in the past couple of years, we target to achieve our pre-pandemic performance this year. We remain confident and optimistic of our growth prospects even in the face of current domestic and global headwinds,” Tan said.