JG Summit income up 10% to P22 billion in 2024

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.

The conglomerate's core net income surged by 29 percent to P24.9 billion, with revenues climbing 11 percent to P379.7 billion.

A significant factor in the profit increase was a P7.9-billion gain from the merger of Robinsons Bank with BPI.

JGS President and CEO Lance Gokongwei highlighted that key priorities for 2025 include accelerating topline growth as consumer sentiment improves with easing inflation.

Revenue growth was boosted by strong performance in travel and leisure, increased food and beverage sales, and the recommencement of operations at JGS' petrochemical plant.

However, the company faced headwinds from weak polymer margins, increased airline fleet expenses, and a correction in sugar profits.

Despite ongoing difficulties in the petrochemical sector, Gokongwei expressed optimism about the performance of JGS' digital banking arm, GoTyme, and its logistics venture, DHL Summit Solutions.