ANDREW Tan-led Alliance Global Group Inc. (AGI) posted a net income of P20 billion for the first nine months of 2024, unchanged from a year ago, while consolidated revenues rose 7.45 percent to P161.6 billion from P150.4 billion, driven by strong sales in business segments.

"AGI's healthy top-line performance in the first three quarters of the year was largely driven by significant increases in residential sales in the real estate business, coupled with rising contribution from its hospitality segment and quick-service restaurants," AGI President and CEO Kevin Tan said.

For the third quarter alone, net income rose to P6.2 billion from P6 billion a year earlier while revenues reached P54.1 billion from P51.3 billion.

Tan noted that the growth was achieved despite challenges brought about by generally elevated inflation and a weaker global economy.

By segment, township developer Megaworld grew its net income by 14 percent in the first nine months to P13.7 billion from P12 billion a year ago, boosted by stronger real estate sales.

AGI's hotel and mall operations contributed P59.8 billion in consolidated revenue.

Travellers International recorded total revenues of P29.7 billion for the January to September period as revenues from hotel operations and from its tourism and MICE (meetings, incentives, conferences, and exhibitions) activities grew 9 percent, bringing attributable net income to P500 million.

In the liquor business, consolidated revenues of the Emperador brand fell to P43.2 billion from P47.1 billion, attributed to weaker demand in key markets such as Spain, Mexico and the Philippines.

Golden Arches Development Corp., the Philippine franchise holder of McDonald's, saw a 12-percent increase in revenues from P30.7 billion to P34.6 billion, supported by an ongoing store expansion program and resulting in attributable profit of P1.23 billion.

"Despite some macro headwinds and a highly competitive landscape, we continue to look at the last quarter of the year with renewed optimism," Tan said.

"We believe the seasonal holiday spending, alongside a period of monetary easing, could provide significant opportunities to allow the group to finish on a strong note," he added.

Alliance Global shares were up 27 centavos, or 3.1 percent, at P8.97 each on Friday amid a 1.82-percent advance for the benchmark Philippine Stock Exchange index.

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