AGI sees 6% profit rise for 2022
2 min readTAN-LED Alliance Global Group, Inc. (AGI) on Thursday reported a 6% rise in net income to P25.2 billion for 2022, up from P23.8 billion previously, boosted by the recovery of its business segments following the country’s sustained recovery.
“However, increased inflationary pressures, higher cost of raw material, and ongoing distribution bottlenecks pushed overall costs and expenses to grow at a faster pace,” the company said in a disclosure to the stock exchange.
The company also reported a 4.7% decline in attributable net income to P16.1 billion from its prior year figure of P16.9 billion.
Alliance Global achieved a 20% growth in the previous year, with a total revenue of P183.6 billion, compared to P152.6 billion in 2021.
“The country’s sustained economic recovery helped propel the sequential top-line improvement of all our business segments last year, leading to our record performance in consolidated revenues in 2022,” Alliance Global Chief Executive Officer Kevin L. Tan said in a statement.
“It also helped that our Group’s diversified portfolio has remained agile to spot and seize opportunities in the marketplace,” Mr. Tan added.
Alliance Global is the parent company of Megaworld Corp., Travellers International Hotel Group, Inc., Emperador, Inc., Golden Arches Development Corp., and Infracorp Development Corp.
According to Mr. Tan, all the company’s businesses exhibited a sharp recovery in 2022.
Emperador booked a slightly higher net profit of P10.1 billion compared to P10 billion in the previous year, driven by higher sales in its whiskey and brandy segments. Its top line also recorded a 12.3% rise to P62.8 billion from P55.9 billion a year ago.
The group which runs McDonald’s Philippines recorded a more than double profit growth to P1.8 billion from P869 million the previous year.
Golden Arches Development achieved a record level top line of P34.4 billion, representing a 38.2% surge from the previous year’s P24.9 billion.
“Our…
BusinessWorld
2023-04-13 12:07:48
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