Capital

JG Summit Profit Surges 79% to P17.6B

The conglomerate’s income grew by almost 80 percent in the first half of 2019.
IMAGE PIXABAY
ILLUSTRATOR Roland Mae Tanglao
Comments

JG Summit Holdings, Inc.’s (JGS) consolidated net income increased by 79 percent in the first half of 2019, jumping to a record P17.6 billion. This is almost double the P9.8 billion net income of the company in the same period last year.

On top of the company’s P7.5 billion earnings in the first quarter, JGS closed the second quarter with profits reaching P10.1 billion, which is more than double the P5.02 billion net income during the same frame in 2018.

The Gokongwei family-led holding firm attributes the considerable increase of its first half earnings to 10 percent consolidated revenue growth and improved business strategies across the board. The company also credits easing inflation and a “favorable macroeconomic environment” for playing a role in its growth, which boosted its mark-to-market and forex gains from the economy. JGS’s Singapore-based unit United Industrial Corporation also contributed P3 billion to its income, arising from its acquisition of additional stakes in Marina Centre Holdings and Marina Mandarin Hotel. 

ADVERTISEMENT - CONTINUE READING BELOW

“Our exposure to a diverse mix of core businesses and investments has certainly helped us achieve such earnings momentum,” said the company in a public disclosure.

JGS’s food, real estate, and airline businesses were significant in boosting income. Universal Robina Corporation ended the first half with a net income of P5.3 billion, while JGS’s real estate arm Robinsons Land Corporation saw a 20 percent increase, amounting to P4.0 billion in net income.

The conglomerate’s airline operator, Cebu Air Inc., experienced the most notable growth as its profits doubled from P3.31 billion in the first semester of 2018 to P7.3 billion in the same period this year. 

Meanwhile, Robinsons Bank Corporation posted positive growth in its net income with P191 million, while JG Petrochemicals Group earned P118.5 million in the first half despite operation problems throughout the year.

Esquire Philippines is published by Summit Media, a company owned and managed by the Gokongwei family, who also controls JG Summit Holdings, Inc.

ADVERTISEMENT - CONTINUE READING BELOW
Comments
View More Articles About:
Recommended Videos
About The Author
Anri Ichimura
Staff Writer, Esquire Philippines
View Other Articles From Anri
Comments
Latest Feed
 
Share
 
Share
At Starbucks Reserve, coffee isn’t just a drink, it’s an art form. See what makes these coffeehouses worth visiting and get to know some of the artists behind each shop’s unique interiors.  
 
Share
Featuring Sisa’s Salad, Tinola de Damaso, and Sinigang ni Andeng.
 
Share
 
Share
Water from major dams flow through the Tullahan river system into Manila Bay.
 
Share
These tough-as-nails watches are designed for men who like a bit more function in their wristwear.
 
Share
What are your fondest memories of amusement parks in Manila?
 
Share
Here's a list of some of the best couriers so you can shop online with less worry.
Load More Articles
Connect With Us