Alliance Global Group Inc. , the holding company of tycoon Andrew Tan, saw its attributable net profit hit a new high of P19.6 billion, up 21 percent from the year on the back of the strong performance of its property and gaming businesses.
“2023 was a historic year for the group as it delivered excellent performance across all of its businesses, led by its real estate, tourism and consumer segments. This was achieved even amid heightened competition in the domestic and global market, various macro challenges in some key markets, rising cost pressures and higher interest rates,” said AGI chief executive Kevin Tan.
Megaworld, AGI’s property unit, posted a 17-percent increase in net income to P69.7 billion in 2023, driven by higher leasing revenues from its mall, hotel and office businesses. This was driven by the resurgence in tourism and meetings, incentives, conferences and exhibition activities. Gross gaming revenues went up by 7 percent to a new high of P34.2 billion.
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