Politics

Alliance Global’s income flat at P12B

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ANDREW L. TAN’s Alliance Global Group, Inc. recorded an almost flat nine-month attributable net income of P11.9 billion, the company said in a press release on Monday.

“The group managed to sustain its strong core performance as our diversified portfolio continued to seize the various opportunities in the domestic and international markets despite the volatile macro environment,” AGI Chief Executive Officer Kevin Andrew L. Tan said.

Excluding a P15-billion one-time gain from its leisure and entertainment unit last year, attributable profit would show a 29% growth.

Consolidated revenues rose to P128.4 billion, up by 16.6% from P110.1 billion a year ago.

AGI is the parent to Megaworld Corp., Travellers International Hotel Group, Inc., Emperador, Inc., Golden Arches Development Corp., and Infracorp Development Corp.

BUSINESS UNITS“We have maintained our competitive position in all our business segments as we relied on our improved brand equity, aggressive and creative marketing strategies, and extensive distribution network,” Mr. Tan said.

Township developer Megaworld posted a 20.3% lower attributable net income of P2.51 billion in the third quarter, while its revenues were 3.8% higher at P15.02 billion.

During the nine-month period, Megaworld recorded a 3% increase in its attributable net income to P8.4 billion, while its consolidated revenues grew by 15% to P42.5 billion.

Real estate sales increased 13% to P26.2 billion, while reservation sales surged by 58% to P86 billion.

In a separate report, the real estate investment trust (REIT) of Megaworld posted a 34% rise in income to P629.37 million in the third quarter from P469.42 million a year ago.

MREIT, Inc.’s third-quarter topline was at P917.03 million, 28.9% higher than the P711.2 million in the previous year.

For the nine-month period, MREIT’s income more than doubled to P1.99 billion from P794.92 million last year. Its revenues almost tripled to P2.71 billion in the first three quarters from P938.4 million in 2021.

Meanwhile, Emperador’s attributable profit was flat at P7.2 billion from January to September, while its revenues saw an 11% increase to P42.6 billion.

Emperador’s whisky segment was its revenue driver as it increased by 17%, followed by its brandy segment, which grew by 8% in sales.

Golden Arches, which is a joint venture with the George Yang group, saw its net income increase by five times to P1 billion as of September. Its sales revenues rose by 35% to P23.9 billion from P17.7 billion a year ago.

The group which runs McDonald’s Philippines already hit pre-pandemic levels, according to the press release. It ended the quarter with 682 stores in its portfolio.

“Despite the macro headwinds, we maintain our optimistic outlook as we head towards a further improvement in mobility in time for the fourth quarter holiday spending,” Mr. Tan said. — Justine Irish D. Tabile