Alliance Global Group Inc. (AGI) of bilyonaryo Andrew Tan demonstrated its continued strong performance in the first quarter of 2023, with a 20 percent growth in net income to P4.7 billion.
This was on the back of a 34 percent jump in consolidated revenues to P50.3 billion as all major business segments delivered commendable results.
AGI chief executive oficer Kevin L. Tan expressed satisfaction with the conglomerate’s performance, saying “AGI is firing on all cylinders, with all our major business segments registering impressive growth in the first quarter of the year despite nagging concerns on inflation and ongoing global headwinds. Our businesses continued to take advantage of the resilient consumer demand and economic activity which provided the boost to our lifestyle malls, hotels, integrated resort operations, quick-service restaurants, real estate sales, and office rentals.”
The group’s international spirits business also continued to benefit from the increasing popularity of its premium brands across the globe and the resurgence in travel retail.
Property arm Megaworld grew its net earnings by 33 percent to P4.1 billion, propelled by a 24 percent jump in consolidated revenues to P16.2 billion.
Emperador, on the other hand, saw revenues rise 26 percent to P15.6 billion, driven by a resurgence in domestic demand and improving global spirits sales, particularly in travel retail.