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ALLIANCE Global Group Inc. (AGI) announced on Tuesday
that its profit last year outpaced analysts’ expectations on the
back of the improved performance of its subsidiaries and additional
acquisitions.
The holding company, whose
business interests range from property development to fast-food
retailing and food and beverage manufacturing and retailing, said it
is eyeing double-digit growth this year.
“The company’s solid
financial position will ensure that all our business segments will
have sufficient capital to support their operations amidst
challenges in the current business climate. Furthermore, our strong
balance sheet allows us to look at new opportunities in the
marketplace and ensure Alliance Global’s sustained growth,”
Kingson Sian, AGI president, said.
This year, the company is
cautious about higher inflation and increased competition that
“will temper growth in the consumer segment of our business,”
Sian said. Despite this scenario, AGI aims to achieve a profit
growth of 18 percent.
AGI said its consolidated profit
last year reached P3.3 billion, 94 percent better than 2006, and 14
percent ahead of analysts’ consensus forecast of P2.9 billion.
Last year, holding company
acquired 100 percent of Emperador Distillers Inc. and bought an
additional 25-percent stake in Megaworld Corp., pushing its interest
to 46 percent. AGI also owns 49 percent of Golden Arches Development
Corp. (GADC), which owns the exclusive master franchise of McDonalds
in the Philippines.
Consolidated revenues grew three
times to P27.3 billion year on year. The Andrew Tan-led holding
firm’s cash position stood at P24 billion and its debt hovered at
P7.2 billion resulting in a net cash position of P16.8 billion.
AGI’s food and beverage
division, its liquor and quick service restaurant businesses posted
a 158-percent net income growth to P1.58 billion year on year.
Emperador produces the world’s largest-selling brandy, Emperador
Brandy, while GADC is the second largest fast-food chain in the
Philippines.
Megaworld registered a net income
of P3.01 billion, 48 percent higher from a year ago while revenues
surged by 56 percent to P14.6 billion. Real estate sales jumped by
71 percent to P10.6 billion while revenues from office rental and
retail projects rose by 32 percent to P931.9 million.
--Likha C. Cuevas-Miel
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