Conglomerate JG Summit Holdings Inc. said Wednesday it rebounded with a net income of P5.1 billion in 2021 from a net loss of P468 million amid the pandemic in 2020.
JG Summit said in a disclosure to the stock exchange core net income rose 7 percent last year to P3.5 billion, as it remained on track to full recovery from the negative impact of the COVID-19 pandemic.
Consolidated revenues climbed 13 percent in 2021 to P230.6 billion, as the partial reopening of the economy helped its food, real estate, petrochemical and banking segments.
“For the full year of 2021, the business experienced a mixed set of results. Our food and banking segments continued to be stable, while the mobility restrictions and quarantine measures still affected our real estate [specifically malls] and airline businesses. It is noteworthy though that we have seen sequential recovery quarter-on-quarter as the vaccination rollout accelerated towards the second half of 2021,” JG Summit president and chief executive Lance Gokongwei said.
Gokongwei expressed hope that the more relaxed alert level in 2022 would positively impact the demand for the company’s products and services.
He said he remained cautious about the prospects of the company as the volatility in oil prices, rising input costs and peso devaluation would result in margin pressures.
“To mitigate this, we will continue to be proactive in managing pricing and product mix while simultaneously putting in place productivity initiatives across our businesses,” Gokongwei said.
“In addition, we have recalibrated our long-term objectives, goals, strategies and measures, and we are now actively implementing alignment to further enhance value creation through our ecosystem to ensure we emerge as a stronger business post-COVID and the years to come,” he said.
The conglomerate said its balance sheet remained healthy and robust, with the capacity to support post-pandemic recovery and further growth.
JG Summit and subsidiaries completed several transactions in 2021 to strengthen their portfolio including the sale of Global Business Power stake to Manila Electric Co. and the completion of new petrochemical plants.
JG Summit’s food manufacturing unit Universal Robina Corp. also divested from its Oceania business and acquired Malaysia’s Munchy Food Industries.
Property arm Robinsons Land Corp. listed its real estate investment trust company, while Cebu Air Inc. completed its $1.6-billion capital-raising program.
