In 2023, Alliance Global Group, Inc. (AGI), led by tycoon Dr. Andrew L. Tan, had extraordinary financial achievements despite hurdles such as rising inflation. AGI’s net income was a record-breaking P30.3 billion, up 20% from the previous year, while consolidated sales were an exceptional P211.2 billion, representing a healthy 15% rise. The outstanding success was due to excellent showings in all business areas, including real estate, tourism, and consumer products. Megaworld Corporation, AGI’s main township developer, reported a 17% increase in consolidated revenues, owing to increased real estate sales as well as retail and hotel income. Travellers International Hotel Group, AGI’s leisure and tourist subsidiary, also experienced strong growth, with net sales rising 19% year on year.
Emperador Inc., AGI’s spirits production division, reported a 5% rise in consolidated revenues, owing to strong foreign whiskey sales and supremacy in the domestic brandy market. Golden Arches Development Corporation (GADC), which owns McDonald’s in the Philippines, reported record sales revenue of P42.8 billion, driven by a 15% rise in same-store sales growth (SSSG). Looking ahead to 2024, AGI forecasts economic and business gains, notably with planned policy rate reduction and lower inflation, which should boost consumer spending and demand for housing, tourism, and leisure activities. AGI plans to capitalize on these possibilities through its diversified portfolio and exceptional product offerings.
AGI’s infrastructure development business, Infracorp, also contributed significantly to the group’s success. While not directly addressed in the financials, Infracorp’s contributions to AGI’s overall success should not be underestimated. Infracorp’s engagement in numerous infrastructure projects, such as transportation and utilities, has not only helped to build AGI’s portfolio, but has also played an important role in the development of essential infrastructure in the Philippines. As the government prioritizes infrastructure development to promote economic growth, Infracorp’s contributions are projected to become even more important in the future years, increasing AGI’s market position and capacity to capitalize on new growth possibilities.
READ MORE: https://allianceglobalinc.com/news/agi-posts-record-breaking-p30-b-net-income-2023