AGI profit drops 5%
Alliance Global Group Inc. (AGI) said its profit in the first half of the year dropped 4.86 percent to P8.8 billion from last year’s P9.25 billion.
Revenues grew 8 percent to P107.5 billion from P99.09 billion last year.
“Our performance mirrored the underlying strength of our brands and all our businesses as the group continued to invest in future capacity expansions and execute our strategies as planned. We also focused on implementing enhancements and innovations of our aspirational products and services to address changes in market preferences. We believe that we are in the best position to take advantage of emerging opportunities as the economy continues to recover,” said Kevin Tan, Alliance Global chief executive officer (CEO).
In the second quarter alone, the group saw a “sustained” rise in contribution from its real estate and quick service restaurants businesses, underpinned by resilient consumer spending, Tan said.
“The Group also benefited from a sharp recovery in spirits demand in the global market, coupled with improved activities from its leisure and tourism arm after a sluggish start,” he added.
Consolidated revenue grew 16 percent year-on-year or 12 percent quarter-on-quarter to P56.8 billion, hiking AGI’s net income to P7.2 billion.
Attributable profit amounted to P4.6 billion, Tan said.
Jollibee nets P5.66B, up 28.9%
Jollibee Foods Corp. grew its profit by 28.9 percent in the first half of the year to P5.66 billion from P4.39 billion last year.
Revenues jumped 10.9 percent to P128.52 billion from P115.88 billion a year ago. Systemwide sales (SWS) rose 11.3 percent to P182.63 billion compared to last year’s P164.13 billion.
For the second quarter alone, profit surged 30.8 percent to P3.04 billion from P2.32 billion last year.
Revenues grew 10.6 percent to P67.22 billion from P60.79 billion, while SWS hit P95.8 billion, up 12.1 billion from P85.49 billion.
“Our international business delivered strong second quarter SWS with robust growth in EMEAA and North America. Our coffee and tea business improved sequentially and year-on-year,” said Ernesto Tanmantiong, Jollibee Group CEO.
“The Jollibee Group’s momentum this year continues with excellent second quarter performance. SWS of the Jollibee Philippine business grew by 11.8 percent while international business grew by 23.9 percent with EMEAA and North America growing by 28.0 percent and 18.9 percent, respectively. Same store sales grew ahead of industry both for the Philippines and internationally,” he added.
Bloomberry nets P4B
Bloomberry Resorts Corp. reported a 37.5 percent decline in its profit six months into the year at P4 billion from P6.4 billion.
Revenues declined 3 percent to P24.8 billion from P25.6 billion last year.
The operator of gaming complex Solaire Resort Entertainment City, Solaire Resort North and Jeju Sun Hotel & Casino said it posted a gross gaming revenue (GGR) of P29.2 billion, down 6 percent from P31.2 billion in 2023, with Solaire Resort GGR at P28.1 billion, down from P31.2 billion last year.
Earnings before interest, tax, depreciation and amortization (EBITDA) amounted to P8.6 billion, down from P11.2 billion last year.
“EBITDA was impacted by continued weakness in the VIP segment as well as the recognition of pre-operating and operating expenses at Solaire Resort North,” the company said.
“In the second quarter and first half of 2024, our mass gaming revenues across two properties increased year-over-year despite the very high base set in the first half of 2023. However, continued weakness in the VIP segment as well as pre-operating and operating expenses at Solaire Resort North resulted in a decline in consolidated EBITDA and net income,” said Enrique Razon Jr., Bloomberry chairman.
“Despite our weaker consolidated year-over-year performance, I am pleased to report that Solaire Resort North recorded positive EBITDA of P250 million in its first 37 days of operations. We are in the early stages of the property’s ramp-up and are happy with the pace, especially as we compare it to the ramp of Solaire in Entertainment City over 11 years ago. As revenues at our second property grow, we anticipate further synergies and positive operating leverage to contribute to our group’s profitability in the coming quarters,” Razon added.
Shell H1 surges to P1.7B
Shell Pilipinas Corp. booked a 1,320 percent jump in its net income for the first half of the year as it reached P1.7 billion compared to last year’s P123 million for the similar period.
The company attributed the growth to improved profitability from marketing businesses, better cash management and the inventory holding gains.
However, Shell Pilipinas said the figures could have been much better if not for the high interest rates and the Philippine peso depreciation for the second quarter of the year when the currency weakened to P58.90 against the US dollar.
“Our strong first-half performance underscores our resilience and ability to deliver value even in a challenging economic environment. Guided by our refreshed strategy, we’re exploring new ways to grow both volume and value that will enable us to provide attractive returns to our shareholders,” Lorelie Quiambao-Osial, Shell Pilipinas president and CEO, said in a statement.
For the similar period, Shell Pilipinas recorded a 2 percent decline in revenues at P125.35 billion from last year’s P128.42 billion.
Earlier, the company allocated up to P3 billion for capital expenditure this year, mainly to improve existing terminals and further expand its footprint. (Jed Macapagal)
Higher metal prices lifts Apex H1
Miner Apex Mining Co. Inc. posted a profit of P1.89 billion in the first half of the year, a 35 percent jump compared to P1.40 billion last year.
Consolidated gross revenues reached P6.94 billion, up by 22 percent from P5.69 billion.
The company attributed the growth to the surge in realized gold price, gold ounces sold and the depreciation of the peso against the dollar.
Apex Mining’s operating mines, including Maco in Davao de Oro and Sangilo in Itogon, Benguet, produced and sold 52,993 ounces of gold in the first half of the year, 4 percent higher than the 50,796 ounces recorded a year ago, while silver production and sale totaled 176,838 ounces, 1 percent more than last year’s 175,569 ounces.
Realized price per ounce of gold in the first half of 2024 was also up by 16 percent at $2,264 from last year’s $1,953, while the realized price of silver was up by 13 percent at $26.86 from $23.68.
Luis Sarmiento, Apex Mining president and CEO, expressed confidence that the company can sustain its performance throughout the year, “barring any major obstacle that may come our way.”
“Our acquisition of the Asia Alliance Mining Resources Corp. gives us future gold resources as the extensions of existing mine veins spill over to the adjacent tenement, giving our exploration team new ground to drill and validate,” Sarmiento said.
Filinvest Land grows H1 income
Filinvest Land Inc. grew its first semester profit by 11 percent to P1.54 billion from P1.39 billion.
Revenues jumped 16 percent to P11.49 billion from P9.91 billion, as the realtor reported a double-digit rise in residential real estate sales and increasing revenues from retail spaces and its project, The Crib co-living spaces, in New Clark City.
“Gross profit margins from the residential business, Filinvest Land’s core business segment, significantly improved by 8 percent to 51 percent from 43 percent the year before,” it said.
EBITDA rose 24 percent to P4.98 billion while operating income grew 26 percent to P4.18 billion.
Filinvest Land said it launched 10 new projects in the first half of 2024, including new developments as well as sequel buildings and phases of existing ones.
“Our robust first half results show that Filinvest Land’s residential business continues to thrive. FLI delivered strong growth amidst the current interest rate environment. We achieved this through the continued strength of our brand, known for value-for-money homes in well-rounded communities across the Philippines. We continue to enhance our product offerings to cater to higher aspirations, steadfast in our mission to build the Filipino dream,” said Tristan Las Marias, Filinvest Land CEO.
Century Properties earns P1.07B
Century Properties Group Inc. (CPG) said its first half profit surged by 64 percent to P1.07 billion from P660 million last year.
Revenues grew 6 percent to P7.16 billion from P6.74 billion last year.
Earnings before interest, taxes, depreciation and amortization (EBITDA) jumped 45 percent to P2.11 billion from P1.45 billion.
“The substantial growth in CPG’s EBITDA and our bottomline far outpaced the incremental increase in our topline due to the convergence of several strategic moves put in place by the company,” said Ponciano Carreon Jr., CPG chief finance officer.
“Without losing sight of the premium residences that our customers and market expect from an established ‘Century Brand’, we were bullish in favor of the robust real needs of our fellow Filipinos for affordable and quality homes bringing in the much needed high-margin high-velocity products; leveraging activities were brought close to our targeted levels, and continued efforts to make operations more efficient. We will continue to tread this path as we believe in the overall strong and positive fundamentals of the industry and economy as a whole,” he added.
CPG’s First-Home Residential (PHirst) posted revenues of P4.4 billion, up 52 percent. The company’s premium residential segment posted P1.9 billion in revenues, down 35 percent.
The commercial leasing business generated revenues of P650 million, while the property management operation posted P260 million in revenues.
Earlier this year, CPG introduced PHirst Sights Calauan and PHirst Park Homes Calamba West in Laguna. These developments will span 85 hectares with over 8,000 units valued at P18.5 billion.
AREIT revenues soars 183%
AREIT Inc.’s profit in the first half of the year improved by 44 percent to P2.9 billion from P2.01 billion.
Revenues soared by 183.89 percent to P4.23 billion from P1.49 billion. EBITDA stood at P3 billion, up 45 percent.
“AREIT’s stellar performance in the first half was driven by its acquisitions, such as the 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,” the real estate investment trust (REIT) said.
AREIT’s assets under management (AUM) stand at P88.6 billion, with a diversified mix of offices, malls, hotels and industrial land.
“AREIT is set to quadruple its AUM this year from the time we listed in 2020 — a fitting milestone as we celebrate our fourth anniversary since we listed in 2020 at the height of the pandemic,” said Carol Mills, AREIT CEO.
“On account of the portfolio’s solid track record and significant addition of prime flagship assets, revenues soared 467 percent from P907 million to P4.2 billion, dividends doubled from P0.28 to P0.56 per share, and total shareholder return (TSR) to date reached the highest among Philippine REITs at 74 percent since the IPO (initial public offering),” she added.
Shakey’s H1 softens to P420M
Shakey’s Pizza Asia Ventures Inc. said profit in the first half of the year dropped 14 percent to P420 million from P489 million last year.
Revenues rose 8 percent to P6.52 billion from P6.06 billion a year ago. SWS grew 14 percent to P10.09 billion compared to P8.82 billion last year.
Same-store sales grew an average of 2 percent, back to pre-pandemic levels, the company said, noting that it expects business to recover in the latter part of the year as it eyes “mid-teens” earnings growth for the year.
“We are grateful to be able to sustain our double-digit growth trajectory in these trying times. Our guests are more cautious because of persistent inflationary pressures, which is why it was very uplifting to see the celebratory atmosphere during special occasions such as Mothers’ Day, Fathers’ Day, and the graduation season. Our restaurant brands have always been known for get-togethers and celebrations among families and friends,” said Vicente Gregorio, Shakey’s Pizza CEO.
Shakey’s Pizza closed the period with a 2,351 store network, growing by 210 units in the first semester.
