JG Summit 2024 profit rises to P22B
JG Summit Holdings saw its income rise by 10% to P22 billion in 2024 on gains from sale of its banking unit.
MANILA, Philippines – Gains from the sale of its banking unit lifted the net profit of Gokongwei-led JG Summit Holdings Inc. by 10 percent to P22 billion in 2024, offsetting weaknesses in its airline business.
Core net income, which includes nonrecurring gains, surged by 29 percent to P24.9 billion.
In a regulatory filing on Thursday, the conglomerate said 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 (BPI), the remaining entity. Robinsons Bank shareholders continue to hold a 6-percent stake in BPI.
READ: PH antitrust regulator clears BPI-Robinsons Bank merger
“We have successfully navigated 2024 with mixed results coming from our different units and investments,” JG Summit president and CEO Lance Gokongwei said in a disclosure.
Cebu Pacific ended 2024 with a 32-percent drop in net income despite heavier passenger volume amid costs related to aircraft fleet expansion.
In a separate disclosure, the airline reported that its net profits declined to P5.4 billion last year from P7.9 billion in 2023.
Top line grew by 16 percent to P104.9 billion, with passenger revenues alone climbing by 14 percent to P71.3 billion.
Ancillary business contributed P28 billion, up 16 percent. Cargo revenues, meanwhile, soared 39 percent to P5.6 billion.
In terms of passenger movement, volume grew by 18 percent to 24.5 million.
The budget airline occupied majority or 54.1 percent of the market share for domestic network. For international market, it held a 20.6-percent share.
But with the introduction of new routes, Cebu Pacific had to invest in additional aircraft and spare engines, weighing down on bottom line. It now has 98 aircraft after taking delivery of 17 planes last year.
Aircraft and engine lease reached P900 million. Airport charges, like landing and takeoff fees, and groundhandling expenses amounted to P11.37 billion.
Gokongwei hoped 2025 would be a different story.
“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.
Over at snack food maker Universal Robina Corp., revenues reached P161.9 billion, up by 3 percent, on gains from its international division.
Real estate under Robinsons Land Corp. also recorded a 3-percent increase in its top line to P40.1 billion. Petrochemicals unit JG Summit Olefins Corp. saw a 33-percent jump in revenues to P50.4 billion.
