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Philippines-listed Alliance Global Group, owner of Travellers International Hotel Group (operator of Newport World Resorts casino and leisure complex in Manila), has announced its H1 and Q2 financial results.
The group reported consolidated revenue of PHP107.5bn (US$1.89bn), an 8% increase from PHP99.1bn the previous year. The group’s pre-minority income stood at PHP13.8bn, while net profit to owners was PHP8.8bn.
For Q2, consolidated revenue grew by 16% year-on-year or 12% quarter-on-quarter to PHP56.8bn, driving the group’s net income to P7.2bn. Attributable profit amounted to P4.6bn over the same period.
Alliance Global attributed its revenue increase to H1 2024’s strong performance, following the resurgence in activities across all business segments in Q2 2024. Among the factors are a sustained rise in contribution from its real estate and quick service restaurants businesses, supported by resilient consumer spending; a sharp recovery in global alcohol demand, along with improved activities from its leisure and tourism sector after a slow start.
“The Alliance Global Group mustered a strong recovery in the second quarter of the year despite the generally sluggish global economy, as well as the challenges brought about by elevated inflation, interest rates and an unstable currency,“ said Kevin L. Tan, President and CEO of Alliance Global.
“We believe that we are in the best position to take advantage of emerging opportunities as the economy continues to recover,” Tan concluded.
In July 2024, Alliance Global announced a CAPEX allocation to its main businesses, namely Megaworld and Travellers International. It also elected a new Board of Directors, after the overhaul of Newport World Resorts’ senior leadership.
