Andrew Tan's holding firm posts record earnings in 2013
MANILA, Philippines – Alliance Global Group Inc. (AGI), the holding firm of billionaire Andrew Tan, said Wednesday, April 30 its 2013 earnings hit a record, fueled by the strong performance of its real estate and liquor businesses.
In a disclosure to the Philippine Stock Exchange, AGI said its net income last year grew 13% to P23.1 billion from P20.5 billion in 2012.
Consolidated revenues went up 21% to P123.4 billion from P102.1 billion the previous year.
“We are elated that the group continues to show robust financial performance. We believe that all the ongoing expansion happening at the major subsidiaries of AGI will provide the impetus for sustained growth in the long run,” said Kingson Sian, president and chief
Net income attributable to AGI shareholders reached P17.2 billion last year, up about 24% from P13.9 billion in 2012.
In terms of net income contribution, liquor firm Emperador Inc. and real estate unit Megaworld Corporation each contributed P5.3 billion in 2013.
Emperador, through its wholly-owned subsidiary Emperador Distillers Inc., sold two million more cases of Emperador products, mostly brandy, bringing full-year volume to 33 million cases. This was achieved despite the increase in liquor tax at the beginning of 2013.
Meanwhile, Megaworld’s performance was largely due to stronger residential sales and higher leasing income from its office and retail developments.
Megaworld and its two major subsidiaries, Empire East and Suntrust, launched a total of 18 projects last year.
Casino operator Travellers International Hotel Group Inc. contributed almost P1.2 billion on higher gaming volume and hotel occupancy rates. Travellers operates Resorts World Manila, the first integrated tourism estate in the country located in Pasay City.
Likewise Golden Arches Development Corporation, which holds the franchise for McDonald's in the Philippines, contributed PP387 million to total net income after it opened 37 new stores in 2013.
As of end 2013, AGI's total assets went up by 22% to P332.4 billion from P272.2 billion as of end-2012. – Rappler.com