Andrew Tan’s holding firm starts on a strong note, Q1 earnings jump 67%

Ultra bilyonaryo Andrew Tan-led conglomerate Alliance Global Group Inc. (AGI) sustained its strong growth momentum with its first quarter profit surging 52 percent to P3.9 billion on higher earnings from its real estate, fastfood and hotel businesses.
In a statement, AGI said its consolidated revenues rose 18 percent to P37.5 billion.
“AGI continued with its impressive growth momentum in the first quarter of the year as the overall improvement in mobility has allowed all our businesses to perform further closer to pre- pandemic levels – boosting revenues of our lifestyle malls, hotels and our quick service restaurants. This upturn is reflective of the underlying strength in domestic economy, just waiting to be unleashed,” said Kevin L. Tan, CEO of AGI.
Property arm Megaworld grew its earnings by 30 percent to P3.1 billion on the back of P13.1 billion in revenues
GreenADC’s attributable net income more than trebled to P258-million in the first quarter this year on consolidated revenues of P7.2-billion, indicating a 27% year-on-year expansion. Gross profit also rose 18% year-on-year, despite pressures brought about by rising cost of inventories. The company ended the quarter with 675 McDonald’s stores. GADC, led by its Chairman and Founder George Yang, is a long-term partnership with AGI and holds the exclusive franchise to operate restaurants in the Philippines under the ‘McDonald’s’ brand.
Emperador recorded consolidated revenues of P12.3-billion, registering a modest 2% year-on- year growth, even amid renewed quarantine restrictions across the globe due to the Omicron variant, coupled with challenges in the supply chain. This indicates the resilience of global demand for the Group’s premium liquor brands, primarily its whisky products which continued
to post a robust sales growth of 20% year-on-year during the quarter. Its brandy segment, however, was impacted by rising costs, capping overall profit margins. Attributable profit stood at P2.1-billion during the same period.
GADC’s attributable net income more than trebled to P258-million in the first quarter this year on consolidated revenues of P7.2-billion, indicating a 27% year-on-year expansion. Gross profit also rose 18% year-on-year, despite pressures brought about by rising cost of inventories. The company ended the quarter with 675 McDonald’s stores. GADC, led by its Chairman and Founder George Yang, is a long-term partnership with AGI and holds the exclusive franchise to operate restaurants in the Philippines under the ‘McDonald’s’ brand.
“Armed with the learnings we have acquired in the past couple of years, we target to achieve our pre-pandemic performance this year. We remain confident and optimistic of our growth prospects even in the face of current domestic and global headwinds,” continues Tan.

NGO blames drop in aquaculture production on PAP imports ban

Tugon Kabuhayan, a nongovernment organization advocating for food security and sustainable food production, has blamed the decline in aquaculture production in the second quarter on the import ban on processed animal proteins (PAPs) which was recently lifted by the Department of Agriculture.