AGI profit dips
Alliance Global Group Inc. said profit in the first quarter dipped 10.63 percent to P4.2 billion from P4.7 billion last year.
Revenues were up 0.6 percent to 50.6 billion from P50.3 billion last year.
The company said topline was driven mainly by surge in real estate sales, coupled with strong revenues from quick service restaurant (QSR) and tourism-related spending.
Alliance Global’s real estate is mostly through unit Megaworld Corp. Its QSR business is under Golden Arches Development Corp. which holds the master franchise for McDonald’s in the Philippines.
The group’s tourism-related business is through Travellers International Hotels Group Inc.
Sales of the group’s liquor business under Emperador Inc. was impacted by global and domestic macro headwinds.
AGI said higher input costs, marketing expenses and interest charges, as well as unrealized foreign exchange losses capped profitability.
FDC Q1 income up 36%
Filinvest Development Corp. (FDC) grew its first quarter profit by 36 percent to P2.9 billion from P2.2 billion last year.
Revenues went up 28 percent to P26.4 billion from P20.55 billion.
The conglomerate said it posted “strong contributions from the banking, power and property businesses.”
The banking and financial services accounted for 36 percent of FDC’s bottom line in the first quarter of 2024, contributing a net income of P1.2 billion to the group. This was followed by the power subsidiary that contributed P1 billion in net income or 29 percent of total.
The property business, composed of the real estate and hospitality segments, posted a combined P741 million or 21 percent of total, while the balance of 14 percent came from other businesses.
“We are pleased with the strong financial results during the first quarter. We will push to maintain the momentum as we strive towards the fulfillment of our long-term goal of sustained growth in earnings,” said Rhoda Huang, FDC chief executive officer.
AREIT nets P1.47B
AREIT Inc. grew its profit in the first quarter by 45 percent to P1.47 billion from P1.01 billion last year.
Revenues hit P2.11 billion, up 43 percent from P1.48 billion.
“AREIT’s overall occupancy remained high at 96 percent, better than industry,” the company said.
AREIT said its result was boosted by acquisitions which included the new One Ayala Avenue East and West Office Towers, Glorietta 1 and 2 Mall and office buildings at Ayala Center Makati, MarQuee Mall in Pampanga and the Seda Hotel in Lio, El Nido.
AREIT currently has assets under management of P88.6 billion comprising of a diversified mix of offices, malls, hotels, and industrial land.
CREIT grows 18%
Citicore Energy REIT Corp. said first quarter profit hit P359.28 million, up 18 percent from P304.96 million.
Revenues grew 26 percent to P473 million from P376 million last year.
CREIT said the growth was driven by the newly acquired parcels of land under its green asset portfolio, which solidifies CREIT’s position as the largest real estate investment trust (REIT) landlord for renewable energy in the country.
“We have remained consistent in providing investors a sustainable and attractive dividend-paying REIT instrument from recurring but growing lease revenues, with asset acquisition in support of Citicore Renewables’ project pipeline. This also demonstrates the resiliency of our REIT investment strategy to keep on adding value-accretive assets, effectively CREIT mirroring the growth roadmap of its sponsor CREC,” said Oliver Tan, CREIT chief executive officer.
CREIT said dividend for the first quarter amounted to P0.049 per share, up 4 percent from last year’s P0.047 per share declared last year.
“This will be payable on July 9 to shareholders on record as of June 13,” it said.
Shakey’s profit dips 15%
Shakey’s Pizza Asia Ventures Inc. (SPAVI) reported that profit in the first quarter of the year dipped 15 percent to P171 million from P201 million last year.
Revenues amounted to P3.09 billion, up 6 percent from last year’s P2.91 billion.
The company posted a systemwide sales of P4.78 billion, up 15 percent from last year’s P4.18 billion.
SPAVI concluded the quarter with 2,232 stores and outlets in its global network, adding 91 new stores for the period.
“While we had a challenging start, SPAVI has been reaping the benefits of a more diverse, multi-brand portfolio. As we move into the succeeding quarters, we expect our profitability to improve with tailwinds from easing commodities and improving OPEX (operating expense) as a percentage of sales. Store network expansion will be financially accretive to the Group,” said Victor Gregorio, Shakey’s president.
Gregorio said the company remains no track to deliver topline and bottomline growth “in the mid-teens territory.”
Security Bank nets P2.6B
Security Bank Corp. said profit in the first quarter of the year hit P2.6 billion in, up 11 percent. Revenues grew 27 percent to P12.5 billion.
Net interest income hit P10.7 billion, up 44 percent. Non-interest income was at P1.8 billion.
“Service charges, fees and commissions increased 136 percent year-on-year to P3.1 billion, boosted by the bancassurance milestone fee,” it said.
“Excluding extraordinary items on both revenue and expense, which offset each other, normalized net income would be largely unchanged,” the bank added.
The bank set aside P1.5 billion as provisions for credit losses for the period. Gross non-performing loan ratio was at 3.4 percent and non-performing loan reserve cover was at 81 percent.
REDC nets P70M
Repower Energy Development Corp. (REDC) said it netted P70.1 million in the first quarter of the year, up 32 percent from P52.8 million last year.
“This is due to REDC’s revenues, as represented by sale of electricity, growing by 41 percent on a year-over-year basis to P170.5 million from P121.0 million,” the company said.
“REDC’s results for the first quarter are also underpinned by its power generation, which grew year over year to 28.9 kwh (kilowatt-hour) from 19.5 kwh, thus allowing the company to post higher revenues and net income during this period,” it added.
PERC revenues at P945M
Petro Energy Resources Corp. (PERC) grew its first quarter profit by 7 percent to P173 million from P186 million last year.
Revenues hit P945 million, up 55 percent from P608 million.
PERC said the improved financial performance is mainly driven by its direct acquisition of EEI Power Corp.’s 20 percent equity interest in Petro Wind Energy Inc.; 44 percent equity interest in PetroSolar Corp.; and additional 7.5 percent equity interest in Petro Green Energy Corp.
The company said the acquisitions boosted not only the company’s gross revenues but also led to a rise in financing expenses tied to the acquisition of said shares.
PERC meanwhile acquired three new offshore wind blocks from the Department of Energy this year, covering offshore northern Luzon, northern Mindoro and eastern Panay.
Shell remains profitable
Shell Pilipinas Corp. bounced to profit in the first quarter, posting a P1.4 billion bottomline compared to a P310.3 million loss last year.
The company said the performance was due to focused cost discipline, supply chain efficiencies, and inventory holding gains.
Shell Pilipinas added it significantly improved its free cash flow from negative P5.9 billion in the same period last year to positive P2.2 billion this year due to active working capital management and value delivery on investments.
“We are making strategic choices to strengthen our market position, boost business resilience, and drive financial strength. We will win every day and win together with our motivated workforce, business partners and the best retailer network in the country,” said Lorelie Quiambao-Osial, Shell Pilipinas CEO in a statement.
Earlier, the company allocated up to P3 billion for capital expenditure this year, mainly to improve existing terminals and further expand its footprint.
