JG Summit earnings rise 29% to P24.9B

Conglomerate JG Summit Holdings Inc. saw core earnings climb by 29 percent to P24.9 billion in 2024 following a double-digit expansion in revenues, coupled with realized gains from the merger between Robinsons Bank and Bank of the Philippine Islands (BPI).

- By RICHMOND MERCURIO

JG Summit's top line for 2024 jumped by 11 percent year-on-year to P379.7 billion, fueled by robust demand for travel and leisure, improvement in sales volumes for the food and beverage business as well as the resumption of its petrochemical plant operations coming from a commercial shutdown in the previous year.

Core net income of the company got a boost from the P7.9-billion gain recognized after the merger of its banking subsidiary with BPI became effective last year.

JG Summit said the gain more than offset specific headwinds in the conglomerate's other businesses, namely the unfavorable polymer margins in its petrochemical business, the additional depreciation and interest expense from its airline's fleet investments as well as the sugar profit correction in its food and beverage arm.

Incorporating non-core items such as mark-to-market and foreign exchange movements as well as losses from unplanned shutdowns and discontinued operations, the company's net profit grew by 10 percent year-on-year to P22 billion.