MANILA, Philippines – JG Summit Holdings Inc. of the Gokongwei family swung to a net income of P10.4 billion in the first half of 2023 from a P2.75-billion net loss in the same period year.
JG Summit said in a stock exchange filing Friday it achieved the strong-first half results on the back of sustained margin expansion across listed subsidiaries and double-digit consolidated topline growth.
First-half consolidated sales rose 13 percent year-on-year to P163.4 billion on higher revenue contribution from airline, food and domestic property businesses.
Net income also improved to P5.4 billion in the second quarter from P44 million a year ago.
“The group’s earnings improvement further accelerated in 2Q with the sustained demand recovery and growth across our food, airline and property businesses. On top of this, initiatives across our business units to tackle cost inflation and implement efficiencies to recover our margins continue to bear fruit,” said JG Summit president and chief executive Lance Gokongwei.
He said to sustain the growth momentum in the second half, airline unit Cebu Air Inc. was working to augment capacity and improve operational resiliency by adding more planes while food manufacturing arm Universal Robina Corp. was addressing supply chain issues.
Robinsons Land Corp. is also working to improve its office and mall occupancy rates and carefully launching new project developments while its petrochemical business is ramping up operations after months of being shut down.
“I am confident that we would be able to sustain this positive momentum for the balance of the year as we proactively carry-out initiatives to stay ahead of the curve,” Gokongwei said.
JG Summit’s equity income in Manila Electric Co. rose 22 percent to P4.6 billion in the first semester on the back of higher contributions from power generation business and increased residential demand during the summer season and commercial demand with the continued economic recovery and growth.
The conglomerate’s share in Singapore Land Group fell 18 percent P1.2 billion as SLG reported lower contributions from select residential projects.
Dividends from PLDT improved 40 percent year-on-year to P1.4 billion in the first half.
