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Alliance Global Group, Inc. (AGI) posted P14.7 billion net income in 2011

The Andrew Tan-led Alliance Global Group, Inc. (AGI) reported strong full year 2011 results in line with its long-term growth targets. The Company posted full year revenues of P66.1 billion, translating into a net profit of P14.7 billion. These results compare to revenues of P44.5 billion and a profit of P9.5 billion in 2010.
"We are pleased to announce our record results, with revenues up 49 percent, and profit up 55 percent," said AGI Chief Financial Officer Dina Inting. The Company’s growth includes a non-recurring gain of P3.1 billion from the acquisition of a subsidiary during the period. The recurring portion alone translates into a year-on-year profit growth of 22 percent.
Net income attributable to owners of AGI amounted to P11.6 billion, up from P6.9 billion in the same period last year.
AGI's total cash and cash resources at the end of the period amounted to P49 billion.

The growth of the Company was led by real estate arm Megaworld Corporation, which contributed 40 percent of total revenues.

Megaworld reported total revenues of P28.6 billion in 2011, up 39 percent from 2010. Net income, on the other hand, amounted to P8.15 billion, a strong 60 percent growth year on year, including a non-recurring gain of P2 billion from the sale of AGI shares of stock. Net of the one-time gain, profits are still up 21 percent year on year.

Megaworld's performance was backed by strong sales from its residential projects in Newport City, McKinley West and McKinley Hill, Eastwood City as well as strong leasing income from its BPO and retail portfolio.

Revenues and profits from the rest of AGI's portfolio of businesses also grew in line with targets. Apart from real estate, AGI has interests in industries such as food and beverage, quick service restaurants and integrated tourism estates.
Food and beverage arm Emperador Distillers produces Emperador, Generoso and Emperador Light brandies and a line of flavored alcoholic beverages called The Bar. The Company recently launched two new product variants of The Bar, which are The Bar Citrus Tequila and The Bar Silver Vodka.

Golden Arches Development Corporation operates the quick service restaurant business under the McDonald's brand.

Travellers International Hotel Group, Inc., meanwhile, along with its partner Genting Hong Kong, operates Resorts World Manila, the first integrated tourism estate in the country. Resorts World Manila is located in Newport City, set across from Terminal 3 of the Ninoy Aquino International Airport in Pasay City.
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"Alliance Global Group, Inc. (AGI) posted P14.7 billion net income in 2011" was written by Mary under the Business category. It has been read 1941 times and generated 0 comments. The article was created on and updated on 28 April 2012.
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