The Gokongwei family’s conglomerate, JG Summit Holdings Inc., experienced a comeback in the first semester of 2023, reporting a profit of P10.4 billion. This is a significant improvement compared to the P2.7 billion losses during the same period last year.
JG Summit President and CEO, Lance Gokongwei, stated that the earnings improvement has been driven by the sustained demand recovery and growth in their food, airline, and property businesses. He also mentioned that cost-saving initiatives and efficiency improvements have contributed to the recovery of their margins.
JG Summit owns several companies, including Cebu Pacific Air, Robinson Land Corp., Universal Robina Corp., and JG Summit Olefins Corp. The conglomerate closed the January to June period with a revenue of P163.4 billion, representing a 12 percent increase compared to the previous year.
Core income, which excludes the impact of non-recurring items, increased seven times to P9.5 billion. The better margins, stabilizing foreign exchange environment, and dividends from affiliates such as Manila Electric Co. and PLDT Inc. further bolstered the earnings. JG Summit also reported P9.1 billion in dividends during the period, and their net debts decreased by 8 percent to P50.7 billion.
Gokongwei stated that they are focused on augmenting their capacity and improving operational resiliency by adding more planes for Cebu Pacific, addressing supply chain issues in URC, and increasing occupancy rates and launching new project developments in RLC. He expressed confidence in sustaining this positive momentum for the rest of the year by proactively carrying out initiatives to stay ahead of the curve.
JG Summit reported that the petrochemicals operations under JG Summit Olefins were restarted in phases starting in May.
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