MANILA, Philippines — Alliance Global Group Inc. (AGI), the conglomerate led by tycoon Dr. Andrew L. Tan, saw a robust 24% year-on-year (YoY) growth in net income in the first nine months of 2025 to P24.8-billion as consolidated revenue reached P143.4-billion.
The Group’s interim performance included one-time gain of P3.4-billion from the deconsolidation of its quick-service restaurants business, Golden Arches Development Corp (GADC), where AGI retains a 49% stake. GADC is now treated as an associate. This also brought AGI’s attributable profit during the period to P17.4-billion, up by 34% YoY.
Even if such one-offs are excluded, AGI’s core net income still reflected a growth of 10% YoY to P21.2-billion. This was driven by strong office and malls businesses, healthy contribution from the residential segment, and the resilience of the Group’s hospitality business. Core attributable net profit stood at P13.9-billion, an improvement of 8% YoY.
“AGI’s robust performance in the first three quarters of the year is largely due to our diversified business portfolio and product mix. During the period, we saw a sequential improvement in office and mall rentals, and steady contribution from our residential and hospitality segments,” says Kevin L. Tan, President and CEO, AGI. “Despite global economic challenges, our spirits business has managed to gain traction in the international market,” continues Tan.
“What provided an added lift in Group earnings and margins is our ongoing cost management efforts, which we implemented across the business. As we build a culture of cost awareness, we hope to further enhance our operating efficiencies moving forward,” Tan adds.
Megaworld, the country’s premier township developer, remained the biggest contributor to Group performance in the first nine months of the year after it recorded a net income of P15.9-billion, reflecting a sharp 16% improvement from P13.7-billion in the previous year. Consolidated revenue grew by 8% YoY to P64.4-billion, buoyed by robust office, mall, and hotel revenues, in addition to healthy real estate sales.
Rental income of Megaworld Premier Offices improved by 16% YoY to P11.1-billion, coming on the back of stable occupancy of 87% and sustained rent escalations. It also posted above-industry new lease transactions that helped maintain its market leadership in the Philippine office sector.
Megaworld Lifestyle Malls continued to post a healthy 13% YoY growth in revenue to P5.1-billion, helped by significant increases in foot traffic and tenant sales, accompanied by high occupancy rate of 93%.
Megaworld Hotels & Resorts also registered a 13% YoY improvement in revenue to P4.1-billion, boosted by its expanded room count and the double-digit growth in average daily room rate.
Meanwhile, the residential segment clocked in another 6% YoY increase in revenue to P40.2-billion, as the company continued to benefit from the resilience of the upper-mid to high-end market segment.
Emperador, the world’s biggest brandy company and amongst the world’s fastest-growing Scotch whisky manufacturers, recorded consolidated revenue of P41.2-billion in the first three quarters of the year. The company is supported by its diversified product portfolio with varying price points, a deep range of ageing liquids in its inventories, and a wide global distribution network spanning over 100 countries. Attributable net profit stood at P4.7-billion for the same period.
The Brandy segment accounted for P26.3-billion of total revenue, reflecting a 5% YoY increase, driven by the improving contribution from its aspirational Fundador brandy products, which maintained market leadership in Spain, Mexico, and the Philippines. Despite ongoing challenges in the global spirits market, the Scotch Whisky segment delivered P14.9-billion in revenue. The segment is now gaining better traction of the international market for its highly popular single malt whiskies like The Dalmore, Jura, and Tamnavulin.
Travellers International, the Group’s leisure and tourism arm, registered total gross revenue of P28.6-billion in the first nine months of the year, backed by increased foot traffic at the Newport World Resorts complex. From this total, gross gaming revenue (GGR) contributed P23.5-billion, while non-gaming revenue from its hotel, food and beverage accounted for the balance of P5.1-billion. In the third quarter, GGR rose by 7% quarter-on-quarter as both mass and VIP segments improved from the previous quarter’s levels on better win rate and steady mass volume. Attributable net income grew by 31% YoY to P651-million, benefitting from its ongoing cost management measures.
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
