Conglomerates JG Summit Holdings, Inc. (JGS) and GT Capital Holdings Inc. reported mixed nine-month financial results.
JG Summit said Thursday its net income attributable to equity holders of the parent amounted to P17.9 billion in the first nine months of 2024, up by 16.3 percent from last year’s P15.4 billion.
JG Summit said in a disclosure to the stock exchange the strong nine-month profit came on the back of a double-digit growth in revenues, coupled with the gains from merging Robinsons Bank with the Bank of the Philippine Islands.
“While the overall macro environment is expected to rebound with the easing inflation, most of our businesses are still affected by the weaker consumer sentiment that has dampened demand for products and services,” said JG Summit president and chief executive officer Lance Y. Gokongwei.
Meanwhile, conglomerate GT Capital Holdings Inc. of the Ty family saw its nine-month net income fall 6 percent to P21.71 billion from P23.08 billion a year ago.
GT Capital said the performance was driven by higher net income from operating companies Metropolitan Bank & Trust Company (Metrobank) and Toyota Motor Philippines (TMP) at P35.7 billion and P2.2 billion, respectively.
“We attribute the strong performance of GT Capital in the first nine months of the year to the favorable macroeconomic environment. In particular, the stable GDP, slower inflation, and easing monetary policies during the period drove our core businesses above last year’s record levels,” GT Capital president Carmelo Maria Luza Bautista said.
“We are hopeful that this momentum will be sustained through the rest of the year, supported by the seasonal holiday spending and overall positive market outlook,” Bautista said.
