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JG Summit income up 10%, boosted by merger gains
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.
The company's core net income, excluding one-off gains, saw a significant surge of 29 percent, amounting to P24.9 billion.
JG Summit's overall revenues also grew by 11 percent, closing at P379.7 billion for the year.
A substantial P7.9 billion gain was recognized from the merger of Robinsons Bank with Bank of the Philippine Islands.
Lance Gokongwei, president and CEO of JG Summit, noted the company navigated 2024 with varied performance across its business units.
Looking ahead to 2025, the company's main objective is to boost top-line growth, anticipating a rebound in consumer sentiment as inflation decreases.
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JG Summit Holdings, Inc. (JGS) reported a 29% year-on-year growth in core profits, reaching ₱24.9 billion in 2024.
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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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