“AGI’s healthy topline 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,” said Kevin Tan, the president and CEO of AGI.
“The growth was achieved despite challenges brought about by generally elevated inflation and weaker global economy,” he added.
Earnings were driven by contributions from real estate (Megaworld), liquor (Emperador), casinos (Travellers International) and fast food (McDonald’s Philippines).
Third quarter results
In the third quarter of 2024, AGI’s net income grew 3.3 percent to P6.2 billion, compared to P6 billion in the same quarter of 2023.
Consolidated revenues climbed 5.5 percent to P54.1 billion from P51.3 billion while attributable profit experienced a strong 13.5 percent increase to P4.2 billion.
Outlook
“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.
Property, liquor
Megaworld’s net income surged 14 percent to P13.7 billion in nine months, driven by strong real estate sales and revenue growth of 23 percent to P59.8 billion.
Residential sales soared 30 percent, while hotel and mall revenues also saw double-digit gains, offsetting steady office rental performance.
Emperador’s revenue reached P43.2 billion in the first three quarters, despite weaker brandy demand in key markets.
Attributable profit hit P4.8 billion, with steady sales in Latin America and growth in global travel retail offsetting challenges in Asia-Pacific and North America.
Gaming
Travellers International reported P29.7 billion in gross revenues over nine months, driven by rising tourism and meetings, incentives, conferences, and exhibitions (MICE) activities.
Gaming revenues reached P24.3 billion, while earnings before interest, taxes, depreciation, and amortization (Ebitda) hit P6.1 billion, with net income at nearly P0.5 billion.
McDonald’s
Golden Arches Development Corp. saw sales revenue rose 12 percent to P34.6 billion in the first nine months of 2024, driven by store expansion and innovative offerings.
Despite higher costs, attributable profit reached P1.23 billion, with the company operating 764 McDonald’s outlets nationwide.
