JG Summit reports 43% net income growth, driven by BPI merger gain

JG Summit Holdings Inc., part of the Gokongwei family's conglomerate, reported a 43% increase in attributable net income to P14.8 billion for the first half of 2024.

The company’s core net income more than doubled to P18.1 billion due to a one-time gain from its merger with Ayala-led Bank of the Philippine Islands (BPI) at the start of the year, which brought in a nonrecurring profit of P7.9 billion.

Revenue increased by 15% for JG Summit Holdings overall, driven by rising demand for tourism and recreation, higher petrochemical operations, and increased food and beverage sales volumes.

Robinsons Land Corporation saw revenues grow by 8% to P20 billion in the first half of 2024, with strong rental income from its malls, offices, hotels, and logistics sectors.

Cebu Pacific recorded a revenue increase of 18% to P51.4 billion for H1 2024 but reported a net income decline of 5% year-on-year to P3.5 billion due to foreign exchange losses.

Universal Robina Corporation (URC) saw revenues rise by 3% to P80.7 billion, though net income remained flat at P6.6 billion due to reduced FX gains and increased impairment losses.

JG Summit Olefins Corporation reported a significant revenue increase of 80% year-on-year to P25.5 billion but incurred a net loss of P7.4 billion due to subdued demand and negative margins for polymer.