Metro Manila (CNN Philippines, April 27) — Alliance Global Group Inc. (AGI) escaped economic pain from the pandemic last year with its businesses posting strong operations and pushing earnings to grow by 132% to ₱23.8 billion.
In a statement on Wednesday, the tycoon Andrew Tan-led conglomerate said its businesses saw a “resurgence in activities” in the latter part of 2021.
The consolidated revenues also climbed 18% to ₱152.6 billion.
“Despite the overall challenging business environment, AGI has delivered a sterling performance in 2021. Thanks to our diversified portfolio and our agility to transform whatever adversities we faced into opportunities, and our continuous drive for operating efficiencies,” shared Kevin L. Tan, AGI chief executive officer.
“Our overall margins improved given the hefty growth in the topline, coupled with our cost efficiency measures which have remained in place,” he added.
The group’s real estate arm Megaworld booked ₱13.4 billion in net income on a solid 25% recovery in sales following the easing of quarantine rules.
Its liquor business Emperador Inc. likewise recorded stronger figures with normalized profit reaching ₱10.8 billion last year.
Golden Arches Development Corporation, or McDonald’s Philippines, also got a boost from the reopening economy as its sales revenues improved by 26% to ₱24.9 billion.
“Even as we face a number of hurdles in the global and domestic macro environment, our Group remains optimistic on our prospects ahead as we anchor our growth on our strong brand equity, firm market positioning, focused strategies and overall financial strength. We aspire to continue to resume our pre-pandemic growth trajectory as we move forward,” Tan noted.
