Alliance Global Inc. (AGI) Hits P5.4 Billion Net Profit In Q1

Diversified holding firm Alliance Global Inc. (AGI) announced last Wednesday its net profit of P5.4 billion in the first quarter of 2022, showing a 67% increase from the same period last year. The firm led by Andrew Tan has also reported in its disclosure to the stock exchange a 52% increase in net income to owners. AGI has been able to reach P3.9 billion, a stark increase from the previous year’s P2.6 billion. The company’s consolidated revenues also saw an 18% increase, now at P37.5 billion as compared to 2021’s P31.8 billion.

AGI chief executive officer Kevin Tan says, “AGI continued with its impressive growth momentum in the first quarter of the year as the overall improvement in mobility has allowed our businesses to perform further closer to pre-pandemic levels,” Tan also adds, “This upturn is reflective of the underlying strength in domestic economy, just waiting to be unleashed,”

Tan’s conglomerate previously experienced a 39% decrease in its net profit back in 2020, caused by the Taal Volcano eruption and the COVID-19 pandemic. The company earned P4 billion in net profit in the first quarter of 2020. Despite this, Tan has said, “As such, we see a silver lining to this crisis. Our new learnings and our ability to adapt to emerging trends should make our organization better equipped and even stronger beyond this crisis,”

Alliance Global, Inc. currently has investments in the mall and hotel sector, real estate, liquor and spirits, restaurant (including quick-service restaurants), and the entertainment industry.

Source: ABS CBN News, ABS CBN News