Alliance Global Group Inc. (AGI), owned by billionaire Andrew Tan, reported a 12 percent increase in net income during the first semester, reaching P9.2 billion. This growth can be attributed to contributions from the property and restaurant sectors. Compared to the pre-pandemic figures in 2019, AGI’s earnings for the first half of this year were 10.8 percent higher. Despite the challenging economic conditions and increased competition, AGI’s CEO, Kevin Tan, expressed satisfaction with the company’s strong financial and operating performance. He also noted that consumer spending has remained healthy and mobility has improved. AGI’s total revenues for the first six months of 2022 increased by 20 percent to almost P100 billion. In the second quarter alone, net income rose by 5 percent to P4.6 billion, and revenues increased by 8 percent to P48.8 billion compared to the same period last year.
AGI is the parent company of Megaworld Corp., Emperador Inc., Travellers International Hotel Group Inc., and Golden Arches Development Corp. Megaworld saw a 34 percent jump in profits during the first semester, reaching P7.9 billion, while revenues grew by 17 percent to P32 billion. Golden Arches, in partnership with George Yang, reported a 27 percent increase in net income to P972 million, with sales reaching P20.2 billion, a 31 percent growth. Emperador experienced a 9 percent decline in net income to P4.7 billion, mainly due to rising selling and operating costs. However, revenues still increased by 11 percent to P31.1 billion. Despite persistent inflationary pressures, AGI remains focused on achieving growth goals while maintaining financial prudence.
With the recent acquisition of full ownership of Travellers through the buyout of Genting Hong Kong, AGI is confident in its ability to weather economic challenges and achieve its expansion plans both locally and internationally.
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