ALLIANCE Global Group Inc. (AGI) said net profit attributable to owners of the parent amounted to P8.8 billion in the first six months of 2024, down 4.4 percent from P9.2 billion a year ago, even as “resilient consumer spending” drove sales.
In a disclosure on Wednesday, the Andrew Tan-led conglomerate said consolidated revenues grew 8 percent to P107.5 billion as all business segments reported strong growth in the second quarter.
Second quarter net income stood at P7.2 billion on consolidated revenues of P56.8 billion, up 16 percent year-on-year (YoY).
“The Alliance Global Group mustered a strong recovery in the second quarter of the year despite the generally sluggish global economy,” AGI President and Chief Executive Officer Kevin Tan said in a statement.
“Our performance mirrored the underlying strength of our brands and all our businesses as the Group continued to invest in future capacity expansions and execute our strategies as planned,” Tan said.
Real estate arm Megaworld Corp. booked revenues of P39.1 billion in the first half, up 22 percent YoY, as real estate sales jumped 30 percent to P24.8 billion, driven by accelerated improvement in residential project completion.
AGI’s spirits arm, Emperador Distillers Inc., saw demand recover for its brandy and whisky products in the second quarter, resulting in consolidated revenues of P28.6 billion and net income to owners of P3.8 billion for the period.
Travellers International Hotel Group Inc., operator of Newport World Resort, saw gross revenues in the second quarter jump 17 percent to P10.9 billion, resulting in first-half net income to owners amounting to P434 million on gross revenues of P20.1 billion.
Golden Arches Development Corp., which holds the Philippine franchise of McDonald’s, generated P23 billion in revenues, up 14 percent YoY, aided by ongoing product enhancements and promotions.
“We believe that we are in the best position to take advantage of emerging opportunities as the economy continues to recover,” Tan emphasized.
On Wednesday, AGI shares rose 3 centavos, or 0.34 percent percent, to P8.85 apiece.
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