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Sunday, September 26, 2021
CEBU

AGI's net income down 62% to P10.3B in 2020

ANDREW Tan-led Alliance Global Group Inc. (AGI) saw its net income drop by 62 percent to P10.3 billion in 2020 compared to the P27.1 billion recorded the previous year, as the pandemic hit most of its businesses.

Consolidated revenues were also down 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 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. (PR)


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