Alliance Global triples net income in first half of 2021

ABS-CBN News

Posted at Aug 12 2021 01:28 PM

Megaworld Chief Executive Officer Kevin Tan. Handout photo
Megaworld Chief Executive Officer Kevin Tan. Handout photo

MANILA – Billionaire Andrew Tan’s diversified holding firm Alliance Global Group Inc. (AGI) saw its net income grow to P12.8 billion in the first half of 2021, up from P4.1 billion in the same period last year, despite the reimposition of strict lockdowns in Metro Manila from March to April.

Consolidated revenues also rose by 16 percent to P71 billion during the first half of the year, it said in a statement.

“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,” CEO Kevin Tan said.

Its property unit Megaworld posted P22.2 billion in revenues in the first half on the back of a rebound in real estate sales and growth in office rental income.

Megaworld Lifestyle Malls also saw a boost in revenues after it offered more al fresco dining options, while Megaworld Hotels & Resorts also recovered as it hosted quarantine guests.

Global spirits giant Emperador, meanwhile, recorded P25.3-billion in revenues in the first half on the back of improved sales of its whisky and premium brandy brands as economies in different parts of the world started to open up.

McDonald's franchise holder Golden Arches Development Corp. saw P11.8 billion in revenues in the first half as the restaurant offered more drive-thru and delivery services.

Resorts World Manila operator Travellers International, on the other hand, saw a first half profit of P2.6 billion. 

Resorts World Manila had virtually no gaming operations in the second quarter of 2021, bringing gross revenues lower by 12 percent quarter-on-quarter to P4.6 billion. 

AGI notes, however, that this still represents a five-fold improvement from its level a year ago.

Travellers International also recorded P4.8-billion in one-time gain from the services rendered by its subsidiary in relation to its Westside City project during the second quarter.

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