JG Summit three-quarter earnings rose 5% to P18.8B
JG Summit Holdings Inc. saw its net income rise 5 percent year-on-year in the first nine months to reach P18.8 billion. This takes into account noncore mark-to-market and foreign exchange movements.
At the same time, the Gokongwei-led conglomerate’s consolidated core profit dipped by 5 percent to to 19.3 billion from P20.3 billion. This, considering that the group last year enjoyed a one-time gain from the merger of Robinsons Bank and the Ayala group’s Bank of the Philippine Islands.
In the third quarter alone, the company’s net income surged 23 percent year-on-year to P3.8 billion.
Meanwhile, core earnings spiked to P4.6 billion from P2.1 billion, mainly propelled by its airline and property businesses.
The group’s decision to shut down its petrochemicals business had also resulted in a “significant” reduction in losses.
“We continue to exhibit a strong upward trajectory in our recurring core profits, driven by the performance of our listed strategic business units, as well as the curbed losses from our mothballed petrochemical plant,” JG Summit president and CEO Lance Gokongwei said.
“With 2025 serving as a rebasing year, we are currently in the process of refreshing our long-term strategy with clear five-year value creation plans coming from our food, airline and real estate units,” Gokongwei added.
The group’s food business under Universal Robina Corp. saw a 7-percent gain in net income, growing to P8.5 billion.
Revenues went up 5 percent to P124.6 billion. This was on higher volumes and market share in the domestic branded consumer food segment, as well as its boosted international business.
Robinsons Land Corp. (RLC), which focuses on the group’s real estate and hotels, had a net profit of P10.2 billion. That was an increase of 10 percent.
RLC revenues improved by 13 percent to P35.5 billion. This was driven by the expansion of its operations, with occupancy rates increasing by 94 percent for malls and 66 percent for hotels.
Low-cost carrier Cebu Air Inc.’s earnings nearly tripled in the first nine months. This registered at P9.5 billion from P3.4 billion as the company carried more passengers during the period.
“JG Summit is also undergoing a more deliberate portfolio review and capital allocation process with tighter governance and investment guardrails set in place,” Gokongwei said.
