MANILA, Philippines — Andrew Tan-led Alliance Global Group, Inc. (AGI) managed to eke out profits growth despite roiling headwinds in 2022 that bloated its expenses.
In a disclosure sent to the Philippine Stock Exchange on Thursday, AGI said it posted a net income of P25.2 billion, which grew 6% year-on-year in 2022.
Consolidated revenues expanded 20% year-on-year to P183.6 billion in the same period.
Costs and expenses were a pressing concern for Tan’s holding company in 2022. AGI cited inflationary pressures, expensive raw materials and distribution bottlenecks which weighed heavily on their business. Despite this, the company managed to reap the benefits of the domestic economy’s reopening.
“The country’s sustained economic recovery helped propel the sequential topline improvement of all our business segments last year, leading to our record performance in consolidated revenues in 2022,” said Kevin L. Tan, AGI’s chief executive officer.
Broken down, Megaworld Corp. saw its consolidated revenues grew 17% on-year to P59.5 billion in 2022 on the back of double-digit growth across its segments. Office and mall occupancy nearly doubled following the domestic economy’s reopening. While reservation sales hit P119 billion in 2022.
Emperador Inc. posted revenues which rose 12% on-year to P62.8 billion, anchored by soaring sales in its whisky and brandy segments.
Golden Arches Development Corp., which holds the operating franchise for fast-food giant McDonald’s in the country, saw sales revenues skyrocket 38% on-year to P34.4 billion in 2022. — Ramon Royandoyan