Alliance Global doubles profit to P23.8 billion in 2021

MANILA, Philippines — Alliance Global Group Inc. (AGI) of tycoon Andrew Tan plans to resume with its pre-pandemic growth trajectory after posting a strong growth in 2021.

AGI yesterday reported robust financial numbers for last year, with its net income doubling to P23.8 billion.

AGI said this was bolstered by the resurgence in activities across all of its business segments with the reopening of the economy. .

AGI’s net income to owners also soared by 92 percent year-on-year to P16.9-billion, almost reaching pre-pandemic levels.

Consolidated revenues, meanwhile, posted an 18 percent year-on-year hike to P152.6 billion.

AGI chief executive officer Kevin Tan said overall margins of the company improved given the hefty growth in the topline, coupled with cost efficiency measures which have remained in place.

“Despite the overall challenging business environment, AGI has delivered a sterling performance in 2021,” Tan said.

“Thanks to our diversified portfolio and our agility to transform whatever adversities we faced into opportunities, and our continuous drive for operating efficiencies,” he said.

Tan said AGI remains optimistic on its prospects ahead, even amid a number of hurdles in the global and domestic macro environment.

He said the group’s growth would be anchored on the company’s strong brand equity, firm market positioning, focused strategies and overall financial strength.

“We aspire to continue to resume our pre-pandemic growth trajectory as we move forward,” Tan said.

AGI’s business interests span various segments, including real estate developments through property giant Megaworld Corp.; spirits manufacturing through Emperador Inc.; leisure, entertainment and hospitality through Travellers International Hotel Group Inc.; quick service restaurants through Golden Arches Development Corp. (GADC), popularly known as McDonald’s Philippines; and infrastructure development through Infracorp.

Megaworld in 2021 posted a 36 percent year-on-year jump in attributable net income to P13.4 billion as consolidated revenues rose by 25 percent to P50.6 billion.

Emperador, for its part, registered another record performance as normalized net profit hit P10.8 billion, up 35 percent from P8 billion in 2020.

GADC, a strategic partnership between AGI and the George Yang Group that holds the exclusive franchise to operate restaurants in the Philippines under the McDonald’s brand, saw an 80 percent year-on-year increase in gross profit to P5.4 billion a nd a 26 percent year-on-year improvement in sales revenues to P24.9-billion.

GADC closed the year with 671 stores throughout the country.