Headline figures
• Core profits hit P19.3 billion in the first nine months, slightly below last year’s P20.3 billion due to big one-offs booked in 2024.
• Last year included P7.9 billion in bank merger gains, inflating the 2024 base.
• This year includes a P4-billion equitized gain from Pratt & Whitney engine compensation related to the aircraft-on-ground (AOG) issues.
• Removing all one-offs, recurring income rose 24 percent to P15.4 billion, showing strong underlying performance across the group.
Management’s view
“We continue to exhibit a strong upward trajectory in our recurring core profits, driven by the performance of our listed strategic business units, as well as the curbed losses from our mothballed petrochemical plant,” said JG Summit president and CEO Lance Y. Gokongwei.
“With 2025 serving as a rebasing year, we are currently in the process of refreshing our long-term strategy with clear 5-year value creation plans coming from our food, airline and real estate units. JG Summit is also undergoing a more deliberate portfolio review and capital allocation process with tighter governance and investment guardrails set in place,” he added.
Airline rebound powers the turnaround
Cebu Pacific led the upswing as passenger volumes rose 14 percent, cargo expanded 33 percent, and engine compensation boosted results, allowing net income to nearly triple to P9.5 billion in the first nine months.
Robinsons Land delivered a 13 percent revenue increase on double-digit expansion in malls and hotels and stable residential take-up, pushing net income up 10 percent.
Universal Robina posted a 5 percent revenue rise as domestic branded foods regained market share and international units stabilized, with net income up 7 percent on better margins and forex gains.
Petrochemical drag narrows after shutdown
Losses from JG Summit’s petrochemical arm fell sharply after the plant shutdown, helping flatten the drag on consolidated revenues, which would have grown 6 percent in the quarter without the facility’s closure.
Core investment income remained supportive, with Meralco contributions up 9 percent and Singapore Land earnings higher on improved asset performance.
Including mark-to-market and forex movements, JGS’ reported net income climbed 23 percent to P3.8 billion in the third quarter and reached P18.8 billion year-to-date, up 5 percent from last year.
—Edited by Miguel R. Camus
