JG Summit grows profit to P17.6 B

MANILA, Philippines — JG Summit Holdings Inc.  grew its first half net income 79 percent to P17.6 billion, driven by a 10 percent growth in revenue.

In the second quarter alone, JG Summit’s income more than doubled to P10.1 billion.

JG Summit said the company is benefiting from the improving macroeconomic environment.

“With inflation easing and a generally favorable macroeconomic environment this year, we continue to experience strong growth from our food, airline and real estate businesses. Our exposure to a diverse mix of core businesses and investments has certainly helped us achieve such earnings momentum. We hope to sustain this growth for the balance of the year,” JG Summit said.

Growth was also further boosted by mark-to-market and forex gains on the back of a favorable macroeconomic environment, as well as UIC’s (United Industrial Corp.) P3 billion gain arising from its acquisition of additional stakes in Marina Centre Holdings and Marina Mandarin Hotel, JG Summit said.

However, it noted that even without such items, core net income after tax still surged 24 percent to P7.4 billion in the second quarter, bringing year to date total to P13.6 billion, up 11 percent year-on-year.

JG Summit’s businesses are food through Universal Robina Corp., real estate and hotels through Robinsons Land Corp., budget air transport through Cebu Pacific,  banking through Robinsons Bank Corp. and petrochemicals through JG Summit Petrochemicals.