Alliance Global bottom line up 20% in 2023

Alliance Global Group Inc. (AGI), headed by tycoon Andrew Tan, on Tuesday reported a 20% growth in its 2023 net income led by its real estate, tourism, and consumer business segments during the year.

In an emailed statement, AGI said its net income hit a record P30.3 billion in 2023, while its attributable net profit climbed 21% to P19.6 billion as consolidated revenues rose 15% to P211.2 billion.

“Most of our businesses have forged results beyond pre-pandemic levels, even posting new highs in terms of sales, EBITDA, net profit, and all other operating metrics,” chief executive officer Kevin Tan said.

“Such strong performance has encouraged us to carry on with our aggressive business strategies and expansion plans across our diversified portfolio,” he added.

Its township developer Megaworld Corp. reported a 17% increase in consolidated revenues to P69.7 billion, while its leisure and tourism arm Travellers International Hotel Group Inc. saw a 19% growth in net revenues to P31.9 billion.

Emperador Inc. recorded a 5% growth in consolidated revenues to P65.6 billion, while Golden Arches Development Corp. (GADC) — which operates McDonald’s Philippines — posted a 24% increase in sales revenue to P42.8 billion.

“For 2024, we look forward to the much-anticipated policy rate cuts as inflation begins to ease, improving the economic and business environment with the resurgence in consumer spending, as well as demand for housing, tourism, and staycation activities,” Tan said. — DVM, GMA Integrated News