Alliance Global ups income to P498.8 million

Food and beverage conglomerate Alliance Global Group Inc. (AGI) posted a hefty 156 percent growth in total revenues, along with impressive gains in net income, stockholders’ equity and total assets in end-2000. AGI told the Securities and Exchange Commission (SEC) its revenues surged to P1.33 billion last year from P517.6 million in 1999.

The company also raised its net income by 85.6 percent to P498.8 million last year from P268.8 million a year earlier. Stockholders’ equity increased to P4 billion from P2.4 billion and total assets to P4.1 billion from P2.8 billion, up by 67 percent and 46 percent, respectively.

Alliance Global corporate information officer Dina Inting said AGI’s subsidiaries McKester Pik-Nik International Ltd. and Anglo-Watsons Glass Inc. contributed significantly to the conglomerate’s strong financial performance last year.

"The company’s consistent growth performance in the last few years – which has been achieved against a backdrop of economic volatility – bolsters its bid to transform itself from a purely Philippine-based food and beverage concern into a full-fledged, globally competitive regional player in the next few years," Inting said.

AGI’s acquisition of US-based holding firm McKester Pik-Nik International through subsidiary Alliance Growers Holdings Inc. has strengthened the company’s interests and assets in the food and beverage business, the main focus of the holding company and a substantial contributor to its revenues, Inting said.

Since it became a holding company in 1999, Alliance Global has embarked on an aggressive expansion program focused on the food and beverage industry as a main area for investments. It had earlier announced that it is projecting P5 billion for capital expenditure in the next two years.