JG Summit reports 120% jump in Q1 net income to P11B

Gokongwei-led JG Summit Holdings Inc. reported a 120% increase in first-quarter attributable net income, reaching P11 billion compared with P5 billion in 2023.

The company's consolidated revenues grew by 18% to P96.7 billion, driven by strong performances across its food, real estate, and air transport units.

Universal Robina Corp., the food segment led by JG Summit, recorded a 21% increase in net income to P4.1 billion due to higher foreign exchange gains, while revenue increased by 7% to P42.6 billion.

Cebu Air Inc., JG Summit's air transport business, doubled its net income to P2.2 billion with revenues rising to P25.3 billion after transporting 5.5 million passengers in Q1.

JG Summit Olefins Corp. reported a 65% growth in sales volumes and a 62% revenue increase to P14.1 billion, but incurred a net loss of P3.3 billion due to higher interest expenses and depreciation on new facilities.