TAN-LED Alliance Global Group, Inc. (AGI) logged a 16% increase in its net income during the third quarter as revenues surged.
In a stock exchange disclosure, AGI said its third-quarter income reached P6 billion while consolidated revenues improved 12% to P51.3 billion.
For nine months through September, its net income climbed 18% to P20.1 billion as consolidated revenues surged 17% to P150.4 billion led by the continued rise in consumer spending and improved economic activity despite prevailing macroeconomic headwinds.
“AGI has sustained its strong financial and operating performance in the first nine months of the year even in the wake of persistent domestic and global economic challenges,” AGI Chief Executive Officer Kevin L. Tan said.
“During the period, the group continued to introduce new and exciting experiences across all our business segments, delivering superior products and services in the local and international market,” he added.
Property development unit Megaworld Corp. logged a 43% growth in nine-month net income to P12 billion as consolidated revenues rose 14% to P48.6 billion.
Real estate sales improved by 11% to P29 billion and accounted for 60% of overall revenues. Sales reservations rose 28% to P109.5 billion led by attractive big-ticket projects catering mainly to the mid- to high-income market segments.
Brandy company Emperador, Inc. recorded a 10% increase in consolidated revenues to P47.1 billion while attributable net income stood at P6.8 billion.
“Whisky revenues have sustained its stellar growth pace of 22% year on year to P19.3 billion as its premium whisky brands have maintained their popularity mainly in Asia and North America, coupled with the resurgence in travel retail sales,” AGI said.
“Its brandy segment posted a modest 4% year-on-year increase in revenues to P27.8 billion, supported by some price adjustments and improving sales of its premium brands despite the stiff competition in the market,” it added.
AGI’s leisure and tourism arm Travellers International Hotel Group, Inc. recorded a net income of P773 million, reversing its P235 million net loss a year ago.
The company’s net revenues during the period rose 27% to P23.3 billion.
“This was driven by the resurgence in tourism and meetings, incentives, conferences, and exhibitions (MICE) activities which allowed for a robust 41% year-on-year increase in hotel and other revenues to P5 billion, while its gross gaming revenues went up by 14% year on year to P25.9 billion,” AGI said.
Meanwhile, Golden Arches Development Corp. recorded a 44% increase in nine-month net income to P1.47 billion as sales revenues rose 28% to P30.7 billion.
The company has an exclusive franchise to operate restaurants in the Philippines under the McDonald’s fast food brand.
McDonald’s Philippines “remained relevant in the highly competitive consumer sector with its creative product offerings and pricing.”
“We look forward to a more hectic economic activity in the last quarter, accompanied by the much-vaunted holiday spending. Given our superior and attractive product offerings, and armed with an indomitable spirit, we hope to end the year on a stronger note regardless of the macro headwinds,” Mr. Tan said.
Shares of AGI at the local bourse fell 16 centavos or 1.5% to P10.50 apiece. — Revin Mikhael D. Ochave