AGI profit rises to P16 billion

Alliance Global Group Inc. (AGI) reported a three percent year-on-year increase in its first semester profit, reaching P16 billion due to a diversified portfolio. This growth, however, came after deconsolidating Golden Arches Development Corp. (GADC), where the group's consolidated revenues rose by three percent to almost P90 billion. AGI's growth was driven by recurring property income, better gaming and tourism earnings, and expanding spirits sales.

Kevin Tan, president and CEO of AGI, emphasized the group's strength lies in its diverse mix, particularly as the global environment remains challenging. "Our recurring property income kept compounding, our gaming business grew earnings even as the industry moved away from VIP play, and our spirits continued to grow on a stronger portfolio," he explained.

The leisure and tourism arm, Travellers International, led the earnings growth, with its attributable net income nearly doubling year-on-year to P568 million. This was fueled by cost efficiencies and a higher-margin revenue mix. Meanwhile, property giant Megaworld saw a five percent year-on-year increase in net income to P12.7 billion, with consolidated revenues hitting P44.2 billion.

Emperador, the world's largest brandy producer and a leading Scotch whisky manufacturer, reported a P3.7 billion net income for the period. This placed the business on a stronger trajectory for multi-year profitability as the global spirits market stabilizes, with revenues growing five percent year-on-year to P29.6 billion due to contributions from its core segments.