JG Summit reports 10% year-on-year net income growth to PHP22B

Gokongwei-led JG Summit Holdings (JGS) reported a 10% year-on-year increase in attributable net income for the year 2024 to PHP22 billion, driven by higher revenue and merger-related gains.

Core profit grew by 29%, reaching PHP24.9 billion, with PHP7.9 billion added from the merger of Robinsons Bank and BPI.

Revenue increased by 11% to PHP379.7 billion, bolstered by robust travel demand, improved food and beverage sales, resumed petrochemical operations, and a bank merger.

JG Summit's president and CEO, Lance Gokongwei, emphasized the company’s focus on accelerating top-line growth in 2025 as consumer sentiment improves with easing inflation.

Cebu Pacific recorded a 16% increase in revenues to PHP104.9 billion and saw a 17.6% rise in passengers totaling 24.5 million, but net income dropped by 32% to PHP5.4 billion due to higher interest expenses from fleet expansion.