GOKONGWEI-LED conglomerate JG Summit Holdings, Inc. reported a 10% increase in attributable net income for 2024 to P22 billion, driven by higher revenue and merger-related gains.
“Incorporating non-core items such as mark-to-market and foreign exchange movements, as well as losses from unplanned shutdowns and discontinued operations, net profits closed at P22 billion, 10% higher versus last year,” JG Summit said in a regulatory filing on Thursday.
Core profit rose by 29% to P24.9 billion, reflecting a P7.9-billion gain from the merger of Robinsons Bank Corp. with Bank of the Philippine Islands (BPI), which took effect in January last year.
Revenue grew by 11% to P379.7 billion, driven by strong travel and leisure demand, higher food and beverage sales volumes, and the resumption of petrochemical plant operations following a commercial shutdown in the prior year.
Parent net debt increased by 17% to P66.6 billion due to additional borrowings, including a P17.1-billion capital infusion into JG Summit Olefins Corp. (JGSOC) in the fourth quarter, used to meet maturing obligations and debt covenants.
“We have successfully navigated 2024 with mixed results across our business units and investments. Heading into 2025, our key priority will be to accelerate topline growth across all units, given the expected rebound in consumer sentiment as inflation eases,” JG Summit President and Chief Executive Officer Lance Y. Gokongwei said.
Universal Robina Corp. (URC) posted a 4% decline in 2024 net income to P11.7 billion, while revenue rose by 3% to P161.9 billion, supported by strong international business performance.
Robinsons Land Corp. (RLC) recorded flat net income at P12.5 billion, while revenue increased by 3% to P40.1 billion, driven by 14% annual growth in its investment portfolio.
Cebu Air, Inc. reported a 32% drop in 2024 net profit to P5.4 billion due to higher interest expenses related to fleet expansion. However, revenue rose by 18% to P104.9 billion. Passenger volume increased by 18%, supported by a 3% decline in average fares in the latter half of the year.
JG Summit Olefins Corp. saw its net loss widen to P16.5 billion due to challenging market conditions, though revenue rose by 33% to P50.4 billion.
JG Summit said polymer and olefin margins remained under pressure, constraining profitability despite improvements in aromatics, butadiene, and liquefied petroleum gas trading.
JGSOC has been under an indefinite commercial shutdown since January 2025 to mitigate losses amid unfavorable market conditions.
JG Summit’s equity share in Manila Electric Co. (Meralco) increased by 21% to P11.9 billion, driven by higher distribution sales volumes.
Its equity stake in Singapore Land Group saw a 31% increase, supported by improved hotel operations, higher rental rates, and increased occupancy in its property investments.
“We expect initiatives launched in 2024 to gain momentum — URC’s value-for-money offerings, Cebu Pacific’s expanded fleet capacity, and completed RLC projects will drive growth,” Mr. Gokongwei said.
“We are also optimistic about our ecosystem plays and partnerships — GoTyme, our digital banking arm, continues to acquire new accountholders, while DHL Summit Solutions, our supply chain and logistics venture, has expanded to new customers beyond the group,” he added.
JG Summit shares rose 2.33% or 38 centavos to P16.68 apiece on Thursday. — Revin Mikhael D. Ochave
