JG Summit core net income at P9.5B in H1

Gokongwei-led conglomerate JG Summit Holdings Inc. posted a core net income of P9.5 billion for the first six months of 2023.

In a disclosure to the Philippine Stock Exchange on Friday, JG Summit said its core net income "was nearly seven times the P1.4 billion it earned during the same period last year."

The company attributed its strong performance to sustained margin expansion across its listed subsidiaries as well as double-digit consolidated topline growth.

Total revenues rose 12% year-on-year to P163.4 billion.

"We are now working double time to augment our capacity and improve operational resiliency by adding more planes for Cebu Pacific, addressing the supply chain issues in URC to increase order fill rates, improving RLC’s occupancy rates, and carefully launching new project developments," said JG Summit president and CEO Lance Gokongwei.

"Meanwhile, we have begun ramping up our petrochemical operations after months of being shut down. I am confident that we will be able to sustain this positive momentum for the balance of the year as we proactively carry out initiatives to stay ahead of the curve," he added.

JG Summit’s food manufacturing unit, Universal Robina Corp., booked P78.6 billion in revenues during the period, up 11% from a year earlier.

Robinsons Land Corp. reported a net income of P5.8 billion, up 23% on the back of a strong recovery in malls as well as the steady improvement of its residential, office, and hotel properties.

Cebu Air Inc., the operator of Cebu Pacific, posted P43.6 billion in revenues in the first half, representing 97% of its pre-pandemic levels.

JG Oleochemicals, meanwhile, saw a net loss of P6 billion as the company shut down plant operations in February to mitigate further losses if the plants continued to operate at negative margins.

Robinsons Bank saw a 28% increase in gross revenues to P6.4 billion. The bank’s merger with the Bank of the Philippine Islands will take effect on January 1, 2024. —VBL, GMA Integrated News