Gokongwei family conglomerate JG Summit Holdings’ profits soar on bank merger, airlines and property

JG Summit Holdings, Inc. (JGS) reported a dramatic increase in its net income during the first quarter of the year, which hit P11 billion, more than double its profit in the same period of 2023. 

Core net income grew 213 percent to P12.6 billion, led by the strong performance of food and beverage (Universal Robina Corp.), real estate (Robinsons Land Corp.) and air transport (Cebu Pacific). Revenue during the quarter expanded by 18 percent to P96.7 billion. 

The conglomerate's earnings were bolstered by a P7.9 billion gain from the merger of Bank of the Philippine Islands and Robinsons Bank. 

Even without the merger-related gains, JG Summit’s consolidated core profit still saw a 16 percent increase due to robust performances from its listed units.

Lance Gokongwei

JG Summit President and CEO

“We will also continue to support our ecosystem plays, which are on the path to attaining scale via customer acquisition and new product launches,” he added.