MANILA — Alliance Global Group Inc. (AGI), the conglomerate led by tycoon Dr. Andrew L. Tan, recorded a strong performance in the first half of 2025, driven largely by the increasing contribution from its real estate business and tourism-related segments, on the back of resilient domestic spending. Net income grew by 39% year-on-year (YoY) to P19.2-billion on group revenues of P100.9-billion, inclusive of one-time gains from the deconsolidation of its quick service restaurants business, Golden Arches Development Corp (GADC).
Earlier this year, GADC – a company where AGI retains a 49% stake – was deconsolidated in its financial statements and is now treated as an associate. The move resulted in one-time gains of P3.4-billion. Excluding such one-offs and netting out all GADC items in the financials to allow for comparability, AGI should show a normalized net income of P15.1-billion, reflecting a growth of 19% YoY. Normalized consolidated revenues should amount to P87.1-billion, a modest increase of 3% YoY, while attributable net profit should hit P10.1-billion, rising sharply by 23% YoY.
In the second quarter of 2025, on a normalized basis, consolidated revenue stood at P45.3-billion while its attributable profit grew by 25% YoY 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. During this period, our Group took advantage of pockets of opportunities in the market to boost our residential and retail sales, as well as our office take-up. Our tourism and leisure segments also enjoyed increased activities and occupancy, tapping into the increasing demand for staycations and MICE events. Even our spirits segment sustained its recovery in sales, a testament to the strength of its brands that have been expanding their presence in the local and international markets,” says Kevin L. Tan, President and CEO, AGI.
“Our strong performance was also accompanied by ongoing cost-efficiency measures, which we implemented across all our business segments. By managing our costs, we hope to enhance our operating leverage to ensure a more robust growth in profit as the economy further recovers,” reveals Tan.
Megaworld, the country’s premier township developer, continued to deliver the biggest share of AGI’s performance in the first half of the year. The company registered a 10% increase in revenue to P43.1-billion from P39.1-billion a year ago, driven by the robust showing across all its business segments. Real estate sales grew by 9% YoY to P27.1-billion amid a sustained rise in residential demand and steady project completion. Sales reservation during the semester reached P54.7-billion, while project launches stood at P10.4-billion. Megaworld Premier Offices clocked in a sharp 17% YoY jump in office rental income to P7.4-billion, the best performance in the industry, helped by new leases, capacity additions, and a stable occupancy rate of 87%. Megaworld Lifestyle Malls forked in P3.3-billion to group revenue, growing by another 10% YoY, supported by improving foot traffic, attractive new tenants, and a high occupancy rate of 93%. Meanwhile, Megaworld Hotels & Resorts, also contributed P2.8-billion in revenue, reflecting a 19% YoY improvement, helped by the continued robust tourism activity throughout the country. Megaworld’s attributable net income rose by 25% to P10.7-billion from P8.6-billion the year before.
Emperador, the biggest global brandy producer and among the fastest-growing Scotch whisky manufacturers, turned in a vigorous 14% quarter-on-quarter (QoQ) growth in revenue in the second quarter of 2025 to P15.0-billion. This was driven by the continued improvement in domestic sales for its brandy products, mainly Fundador, while its overseas sales expanded to include Africa, Canada, and other countries in Europe. Likewise, whisky sales grew strongly in QoQ, particularly in the United Kingdom, the Middle East, and Africa. The stronger topline performance helped keep its gross and net profit margins steady compared to the previous quarter. Meanwhile, attributable profit grew by 13% QoQ to P2.1-billion, despite increases in input costs and marketing expenses.
The second quarter recovery also helped lift Emperador’s performance in the first half of 2025, bringing consolidated revenue to P28.2-billion and net income to owners to P3.9-billion.
Travellers International, the Group’s leisure and tourism arm, recorded a significant 21% QoQ improvement in EBITDA to P2.5-billion in the second quarter of 2025. Gross revenues stood at P9.2-billion, as gross gaming revenues reached P7.5-billion, on the back of the steady growth in mass business. Meanwhile, non-gaming revenues amounted to P1.7-billion amid stable hotel occupancy of 90% as the Newport World Resorts complex continued to enjoy healthy foot traffic. Also, during the period, Travellers significantly reduced its overall costs and expenses, beefing up its attributable income which grew by more than double QoQ to P217-million. Travellers intends to continue with its cost management efforts to allow the company to further enhance its operating efficiency moving forward.
In the first half, EBITDA of Travellers grew by 11% YoY to P4.5-billion. Attributable income stood at P315-million on gross revenues of P18.9-billion.
The Andrew Tan-led conglomerate has varied interests spanning real estate developments through property giant Megaworld Corporation; spirits manufacturing through Emperador Inc.; leisure, entertainment and hospitality through Travellers International Hotel Group, Inc.; and, quick service restaurants through its interest in Golden Arches Development Corporation (GADC), popularly known as McDonald’s Philippines.
