MANILA, Philippines - Alliance Global Group Inc., the investment holding firm of real estate tycoon Andrew Tan, said its net earnings grew 63 percent in the first nine months of the year to P5.39 billion on the growing contributions of all its business units.
In a financial report filed with the Securities and Exchange Commission, AGI said its property arm Megaworld Corp. accounted for 42 percent of total earnings while the group’s consumer food and beverage and integrated tourism projects contributed 58 percent.
Consolidated revenues rose 27 percent to P32.34 billion,driven mainly by Megaworld, which contributed 49 percent from increased sales of its urban residential projects that include McKinley Hill, Newport City and Manhattan Garden City and higher lease income from its BPO office projects.
AGI’s non-real estate businesses accounted for 51 percent of total revenues, primarily through Emperador Distillers, Golden Arches Development Corp. and Travellers International Hotel Group.
AGI chief finance officer Dina Inting said Megaworld and Emperador Distillers are now the most profitable in their respective markets. During the period under review, Megaworld and Emperador Distillers saw their net profit rise to record levels of P4.08 billion and P1.1 billion, respectively.
Emperador Distillers produces top brandy brands Emperador and Generoso, and newer labels Emperador Light and The Bar flavored alcoholic beverages, both of which are enjoying brisk sales, while Golden Arches Development Corp. is the master franchise holder of global fast food giant McDonald’s in the country.
Travellers International, on the other hand, is the developer of Resorts World Manila, the first integrated tourism complex in the country, located across the NAIA Terminal 3 at the Newport City cyber-tourism zone in Pasay City.
“The groundwork that we have laid in the past several years is now starting to pay off. Our continued focus on investment areas ranging from live-work-play-learn BPO real estate communities, to consumer-friendly fastfood and beverages, to integrated tourism hubs, have proven to be the right strategy for our group. Many of these industries have become the brightest spots of the Philippine economy,” said AGI chairman Andrew Tan.