Property, tourism units boost conglomerate’s first-half earnings

Alliance Global Group Inc. (AGI), the diversified conglomerate chaired by Dr. Andrew L. Tan, posted a 39% surge in net income to P19.2 billion in the first half of 2025, driven by the strong performance of its property and tourism units amid resilient domestic spending.

In a disclosure to the Philippine Stock Exchange, AGI said the results include a one-time P3.4-billion gain from the deconsolidation of its quick-service restaurant business, Golden Arches Development Corp. (GADC). Excluding one-offs and adjusting for GADC-related items, normalized net income reached P15.1 billion, up 19% year-on-year.

Normalized consolidated revenues amounted to P87.1 billion, reflecting a modest 3% growth, while attributable net profit rose 23% to P10.1 billion. In the second quarter alone, normalized revenues were P45.3 billion, with attributable profit climbing 25% to P5.3 billion.

“AGI delivered strong results in the first half of the year, benefitting from a buoyant domestic economy despite ongoing global uncertainty,” said AGI President and CEO Kevin L. Tan. He highlighted robust residential and retail sales, improved office take-up, and heightened activity in the tourism and leisure segments, including strong demand for staycations and MICE events.

AGI’s Megaworld Corp. contributed the largest share, with attributable net income rising 25% to P10.7 billion. Emperador Inc. posted P28.2 billion in revenue and P3.9 billion in attributable net income, with second-quarter revenues up 14% from the previous quarter.

Its leisure and tourism arm, Travellers International, saw second-quarter EBITDA jump 21% quarter-on-quarter to P2.5 billion, with gross revenues of P9.2 billion. Gaming revenues hit P7.5 billion, while non-gaming revenues reached P1.7 billion, supported by a 90% hotel occupancy rate at Newport World Resorts.

Tan credited the group’s cost-efficiency measures across all business segments for enhancing operating leverage and positioning AGI for further profit growth as the economy continues to recover.