JG Summit 2024 net income up 10% to P22B

Photo from JG Summit Holdings/FACEBOOK

MANILA, Philippines – Gokongwei-led JG Summit Holdings Inc. booked a 10-percent jump in net profit last year to P22 billion on fresh gains from the merger of its banking unit, along with high demand for travel and leisure.

Core net income, which includes nonrecurring gains, surged by 29 percent to P24.9 billion.

In a regulatory filing on Thursday, JG Summit said its revenues ended at P379.7 billion, up by 11 percent.

According to JG Summit, its income was lifted by a P7.9-billion gain from Robinsons Bank’s merger with Ayala-led Bank of the Philippine Islands.

“We have successfully navigated 2024 with mixed results coming from our different units and investments,” JG Summit president and CEO Lance Gokongwei said in their disclosure.

“Coming into 2025, our key priority will be to accelerate the overall top line growth of our business units given the expected rebound in consumer sentiment as inflation eases,” he added.