AGI H1 income grows threefold


Alliance Global Group Inc. (AGI), the holding company of businessman Andrew L. Tan, on Thursday said its income in the first semester jumped threefold to P12.8 billion from P4.1 billion last year.

The company said its performance during the period was boosted by its diversified revenue streams that helped mitigate the impact of the strict lockdowns that were re-imposed in the National Capital Region and other parts of the country.

Attributable net income doubled to P8.5 billion from P3.8 billion last year.

Consolidated revenues rose by 16 percent to P71 billion from last year’s P61.4 billion.

“All of our business segments here and abroad managed to sustain the quarterly growth trajectory we have been experiencing since the third quarter of 2020, indicating the extent of pent-up consumer spending across the globe, capped only by the prevailing restrictions in those areas to curb the rise of the Covid-19 Delta variant,” Kevin Andrew L. Tan, the company’s CEO, said.

Among its units, Travellers International Hotel Group Inc., the operator of Resorts World Manila, felt the weight of the re-imposed lockdown when it virtually had no gaming operations for the most part of the second quarter. 

This brought its gross revenues lower by 12 percent quarter-on-quarter to P4.6 billion during the period, although this still represents a fivefold improvement from its year-ago level. 

Gross gaming revenues stood at P3.4 billion, while its non-gaming revenues amounted to P1.2 billion for the same period. 

During the quarter, Travellers recorded P4.8 billion in one-time gain from the services rendered by its subsidiary in relation to its Westside City project.  This allowed its net income to hit P3.74 billion during the quarter, bringing its first-half profit to P2.6 billion, a turnaround from a net loss of P3.7 billion the year before.

Despite the prevailing quarantine restrictions, Golden Arches Development Corp., the owner of McDonald’s fast-food franchise in the country, posted sales of P6.1 billion in the second quarter this year, more than double from last year’s figures.

In the first half, total revenues rose 21 percent to P11.8 billion from the previous year as the country’s quick service restaurant operator adapted to the new normal through increased drive-thru activities and delivery services, while dine-in operations remained limited. 

Various cost pressures, however, capped its net income at P49 million, a turnaround from a net loss of P709 million last year.

It ended the period with 653 stores nationwide.

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