JG Summit core profit soars in 2023

Core earnings of conglomerate JG Summit Holdings Inc. soared in 2023 following a significant turnaround in its airline business, with Cebu Pacific returning to full-year profit for the first time since the pandemic.

- RICHMOND MERCURIO

JG Summit's core net income tripled to P19.6 billion in 2023 from P6.2 billion in 2022, driven primarily by Cebu Air Inc.'s reversal of the previous year's P14 billion net loss to a P7.9 billion net income last year.

Aside from the airline rebound, the growth was fueled by expanding margins in its property and food businesses as well as tapering losses from its petrochemical unit.

Incorporating more favorable foreign exchange and mark-to-market adjustments, JG Summit said net income surged to P20.2 billion in 2023 from P700 million in the same period the previous year.

Revenues saw a 14 percent year-on year jump to P343.8 billion, driven by the first full year of unrestricted travel demand coupled with the broad-based growth in its real estate unit and the steady improvement in its food and petrochemical sales.