SunStar
+ May 11, 2021 ANDREW Tan-led Alliance Global Group Inc. (AGI) has posted a net income of P10.3 billion in 2020, a 62 percent drop from its P27.1 billion net income in 2019.
Consolidated revenues were also down by 28 percent to P129 billion from the previous year’s P180 billion, while net income to owners stood at P8.8 billion.
However, double-digit recovery was achieved by its core businesses in the fourth quarter of 2020 as the government eased quarantine restrictions toward the long holiday season.
Liquor sales of Emperador grew 42 percent during the fourth quarter compared to the previous quarter; sales of McDonald’s Philippines also jumped 36 percent quarter-on-quarter; gaming revenues of Resorts World Manila also grew 33 percent; and real estate sales of Megaworld was up 22 percent in the last quarter compared to the third quarter.
BusinessWorld
May 11, 2021 | 12:06 am
ALLIANCE Global Group, Inc. (AGI) said it generated P8.8 billion in net income to owners in 2020, around 50% lower than the P17.72 billion seen a year ago as the pandemic hit most of the conglomerate’s businesses.
“The pandemic really taught us so many lessons as a group and we see this as a perfect opportunity to strengthen our resolve to have a more diversified portfolio that could provide a balanced stream of earnings in a post-pandemic scenario,” AGI Chief Executive Officer Kevin L. Tan said in a statement on Monday.
The holding company also saw a 62% decline in net income to P10.3 billion from P27.1 billion a year ago.