Alliance Global Group Inc., the holding firm of businessman Andrew Tan, said its net income marginally grew last year despite enjoying record high revenues.
In a statement, the company said its net profit last year rose by 3 percent to P21.6 billion from P21.11 billion a year earlier.
Revenues reached P139.09 billion, a record high and 11 percent more than from the P125.4 billion generated in the same comparable period.
“Our performance remains strong amid challenges that we face. It is actually an opportunity for us to thrive even more. We simply focus on what we do best and we are very passionate about what we do best,” Kingson Sian, the company’s president and chief operating officer said.
On standalone basis, the subsidiaries of AGI fared well.
Megaworld reported a net income of P10.4 billion, up 10 percent.
Emperador Inc. delivered nearly P7 billion in net income, up 12 percent, while Travellers
International Hotel Group Inc. was flat at P4 billion.
Golden Arches Development Corp., the operator of McDonald’s in the Philippines, posted a net income of P760 million.
“Our group has competitive edge that’s difficult to match. Emperador Inc. is no longer just a domestic play but a global one given a much bigger and diversified product portfolio that now includes Fundador brandy and single malt whisky products, The Dalmore and Jura,” Sian said.
“We are also in the best position to capitalize on premiumization opportunities in the Philippines. Travellers International remains to be the country’s most profitable tourism-entertainment and gaming company that has the strongest non-gaming component in the country,” he added.