ALLIANCE Global Group, Inc. (AGI) on Monday reported a 20% rise in first-quarter attributable net income to P4.7 billion on the back of higher revenues from its major businesses.
“All our major business segments registering impressive growth in the first quarter of the year despite nagging concerns on inflation and ongoing global headwinds,” Kevin Andrew L. Tan, Alliance Global president and chief executive officer, said in a statement.
“Our businesses continued to take advantage of the resilient consumer demand and economic activity which provided the boost to our lifestyle malls, hotels, integrated resort operations, quick service restaurants, real estate sales and office rentals,” he added.
Andrew L. Tan’s holdings firm posted a 34% increase in consolidated revenues for the three-month period to P50.3 billion from P37.5 billion in the same period last year.
Megaworld Corp., the group’s real estate development arm, reported a 33% increase in attributable net income for the first quarter to P4.1 billion. Its consolidated revenues rose by 24% to P16.2 billion.
Real estate sales went up by 17% for the quarter to P9.4 billion on the back of higher project completion rates, while reservation sales rose 71% to P39.6 billion.
Rental revenues went up by 18% to P4.4 billion due to the contributions of the mall segment, which grew by 73% or P1.2 billion on heightened consumer spending.
Its premier offices inched up by 5% to P3.1 billion due to a 90% rise in occupancy, while hotel revenues rose by 62% to P813 million.
Emperador, Inc. booked a 9.5% higher attributable net income in the first quarter at P2.3 billion due to a “resurgence of demand and improving global spirits sales.”
“[Our] international spirits business continued to benefit from the increasing popularity of our premium brands across the globe and the resurgence in travel retail,” Mr. Tan added.
The brandy segment grew by 28% in the first quarter due to improving on-trade sales and price increases. The whisky business went up by 24% amid the growing international recognition of its premium single malt brands, particularly in Asia and North America.
“This has also helped lift the group’s overall margins to 33% at the gross profit level, from 32% the year before,” the company said.
Meanwhile, Golden Arches Development Corp. saw its attributable net income for the period surge by 62% to P419 million after a 38% rise in consolidated revenues to P9.9 billion.
The McDonald’s operator saw its gross profits for the first quarter, increase by 37% “despite pressures brought about by rising cost of inventories.”
The company ended the three-month period with 703 stores nationwide.
“As a premium lifestyle conglomerate, we believe that our strength lies in our brands which we continue to improve and develop. Our agility and versatility allowed us to quickly adapt to the ever-changing demands of the market. With this, we maintain our optimistic view of our growth prospects moving forward,” Mr. Tan said.
Alliance Global shares surged by 2.99% or P0.40 to P13.80 each on Monday. — Adrian H. Halili
Alliance Global’s businesses drive 20% profit growth
Source: Bantay Radio
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