AGI Led By Tan Reports 73% Revenue Growth To P3.5B

ALLIANCE Global Group, Inc. (AGI) reported homeowners net income of 3.5 billion pesos for the quarter ending September, up 73% from last year’s 2.03 billion pesos, revenues increased 28% to 38.9 billion pesos.

“AGI has achieved these strong results even in the midst of the health crisis while leveraging its internal strengths: its differentiated products and services, its extensive distribution network, its diversified operations, its vast land reserve and its healthy balance sheet,” said said Kevin Andrew L. Tan, CEO of AGI. said in a leaked statement to the exchange on Monday.

For the nine months ending September, the Tan-led company recorded attributable net income of 12 billion pesos, more than double the 5.8 billion pesos recorded in the same period a year ago. Net profit also jumped 173% to P17.3 billion from P6.4 billion.

Meanwhile, consolidated revenue rose 20% to P110 billion from P91.8 billion a year ago.

“The pandemic has also prompted our organization to maintain profitability in most areas of our operations. This significantly boosted our nine-month consolidated net margin, which was up 500 basis points from last year’s level, ”said Tan.

Its listed real estate company, Megaworld Corp., reported nine-month profit growth of 10% year-on-year to 8.2 billion pesos as revenue rose 11% to 36.9 billion pesos. Its attributable net profit in the third quarter climbed 57% to 3.2 billion pesos on the rise in real estate sales.

Meanwhile, Emperador, Inc. spirits manufacturing business’s net profit increased 24% from a year ago to 7.3 billion pesos as it continued to record strong sales of its premium whiskey and brandy brands. The company said the figure almost matched its performance for the year 2020.

The owner and operator of Resorts World Manila, Travelers International Hotel Group, Inc. said its net profit for the nine-month period was 1.9 billion pesos, a reversal of the 5.4 billion pesos recorded it a year ago. This took into account a one-time gain of 5.6 billion pesos from the services rendered by its subsidiary for its Westside City project.

Travelers saw their gross incomes rise 28% year-over-year to 14.8 billion pesos, with gross gaming revenue soaring 37% to 12.8 billion pesos.

In the third quarter alone, gross travelers’ income reached 5 billion pesos, up 36% from a year ago and 9% quarter-on-quarter. Gross gaming revenue for the quarter was 4.9 billion pesos. Hotel revenues also increased 77% year on year, with occupancy rates reaching pre-pandemic levels of 79%.

Golden Arches Development Corp. (GADC), which is AGI’s partnership with the George Yang Group, posted third-quarter net profit of 134 million pesos, a reversal of its loss of 257 million pesos a year ago. Revenue soared 33% to 5.9 billion pesos as system-wide sales rose 42%.

The company said that GADC or McDonald’s Philippines posted a positive performance thanks to its improved online platform and increased drive-thru sales.

For the nine-month period, GADC reversed its losses to post a net profit of 183 million pesos on the loss of 967 million pesos incurred a year ago. Turnover increased 25% to 17.7 billion pesos.

“We look forward to the further reopening of the economy, as it could bring the much vaunted revenge by spending in time for the holiday season,” Tan said.

“We expect the renewed activity to continue, paving the way for the group’s full recovery from the pandemic, hopefully by next year,” he added.

Shares of AGI on the exchange fell 1.24% or 14 centavos on Monday to close at 11.16 P each. – Keren Concepcion G. Valmonte

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