Inquirer
JG Summit 2024 profit rises to P22B
JG Summit Holdings, Inc. (JGS) reported a 29% year-on-year growth in core profits, reaching ₱24.9 billion in 2024.
The conglomerate's revenues expanded by 11%, with significant contributions from the merger of Robinsons Bank and Bank of the Philippine Islands (BPI).
The merger resulted in a ₱7.9 billion gain, helping to offset challenges in other business segments.
Net profits, including non-core items, closed at ₱22.0 billion, a 10% increase from 2023.
Consolidated revenues reached ₱379.7 billion, driven by strong travel and leisure demand, improved food and beverage sales, and the resumption of petrochemical plant operations.
Headwinds faced by JGS included unfavorable polymer margins, additional expenses from airline fleet investments, and a correction in sugar profits.
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JG Summit Holdings Inc. reported a 10% increase in net profit for 2024, reaching P22 billion, primarily driven by gains from its banking unit's merger and strong performance in the travel and leisure sector.
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JG Summit Holdings Inc. (JGS) reported a 10 percent increase in net income to P22 billion for 2024, driven by merger gains and overall revenue growth despite challenges in its petrochemical and airline businesses.
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