JG Summit profit slides after quitting petrochem

JG Summit Holdings Inc. (JGS) reported a net income from continuing operations of P36.1 billion in 2025, down 7 percent from the previous year, as the absence of one-off gains offset strong operating performance.

The Gokongwei-led conglomerate disclosed on Wednesday that its core net income also fell 11 percent to P36.4 billion. This was mainly due to the lack of a P7.9-billion gain from a bank merger recorded in 2024.

Excluding these one-off items, JG Summit said recurring net income reached P31.9 billion, up 3 percent. This was attributed to a robust demand in travel and leisure and sustained consumer spending.

Consolidated revenues from continuing operations grew 9 percent to P368.6 billion. This was driven by a double-digit growth in its airline and real estate units, alongside steady volume expansion in its food and beverage segment.

However, the group posted a net loss of P87.9 billion, reflecting the impact of discontinued petrochemical operations. This included a P114.3-billion impairment loss booked by JG Summit Olefins Corp.

Despite this, JG Summit said its financial position remained stable with a debt-to-equity ratio of 0.73 and net debt-to-equity ratio of 0.59 as of end-2025.

Parent-level dividends hit a record P21.6 billion, up 25 percent from the previous year.

JG Summit president and CEO Lance Gokongwei said the group’s performance highlighted the resilience of its portfolio, backed by strong consumer demand and its leisure-related businesses.

“We remain focused on long-term value creation as we continue to advance our parent transformation, with our business units refining their value creation plans under clear governance and investment guardrails informed by our portfolio review,” Gokongwei said.

Among business units, food arm Universal Robina Corp. posted a 4-percent rise in revenues to P168 billion. Still, earnings were tempered by higher coffee input costs and a one-time impairment in its packaging segment.

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Real estate unit Robinsons Land Corp. recorded a 13-percent increase in revenues to P48.4 billion. Its net income climbed 8 percent to P13.5 billion on strong mall and hotel performance.

Cebu Air Inc. saw revenues grow 14 percent to P119.9 billion, while net income more than doubled to P12.3 billion on record passenger volumes and operational gains.

Equity earnings from core investments also improved, with Meralco contributing P13.3 billion, up 12 percent. Singapore Land added P3.5 billion, up 7 percent.

JG Summit said amid global uncertainties, it would continue prioritizing cash flow protection, balance sheet strength and operational efficiency as it pursues long-term value creation.