AGI logs P30B net income

Business.(Business File photo)

ALLIANCE Global Group Inc. (AGI), the holding company of tycoon Dr. Andrew L. Tan, achieved a record-breaking net income of P30.3 billion, up 20 percent year-on-year despite higher inflation, which pushed overall costs and expenses up during the period.

Attributable net profit stood at a new high of P19.6 billion, reflecting a 21 percent increase from the year before. Consolidated revenues hit an unprecedented level of P211.2 billion, reflecting a robust 15 percent growth from P183.6 billion the year before.

Kevin L. Tan, chief executive officer, of AGI said,” 2023 was a historic year for the Group as it delivered excellent performance across all of its businesses, led by its real estate, tourism and consumer segments.

This was achieved even amid heightened competition in the domestic and global market, various macro challenges in some key markets, rising cost pressures and higher interest rates.” AGI has varied interests spanning real estate developments through property giant MegaworldCorporation; spirits manufacturing through Emperador Inc.; leisure, entertainment, and hospitality through Travellers International Hotel Group, Inc.; quick service restaurants through Golden Arches Development Corp. popularly known as McDonald’s Philippines; and infrastructure development through Infracorp. / PR


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