Alliance Global Group Inc., the holding company of businessman Andrew Tan, saw its net income decline 62 percent in 2020 to P10.3 billion from P27.1 billion in 2019 as the pandemic affected core businesses.
AGI said in a disclosure to the stock exchange consolidated revenues dropped 28 percent to P129 billion from the previous year’s P180 billion. It said it re-calibrated its strategies, particularly on market focus of various companies to achieve a “more balanced” portfolio in adapting to the new business environment and consumer behavior.
“This pandemic really taught us so many lessons as a group and we see this as a perfect opportunity to strengthen our resolve to have a more diversified portfolio that could provide a balanced stream of earnings in a post-pandemic scenario,” AGI chief executive Kevin Tan said.
AGI is primarily engaged in real estate, gaming, liqour and quick service restaurant. Last year, Emperador Inc. and Megaworld Corp. benefitted strongly from such deliberate diversification strategies designed to solidify their revenue and earnings base.