JG Summit Holdings, Inc., one of the Philippines’ largest conglomerates, said second-quarter core net income surged 87 percent to P10.4 billion, on the back of strong performance of core real estate, food manufacturing and airline business.
Revenues in the second quarter rose 5 percent year-on-year to P95.9 billion on the back of robust leisure demand which benefited its airline and property businesses and sustained domestic consumption seen by its food and beverage arm. These more than offset the decline in petrochemical sales given the plant shutdown which began early this year.
Net income in the first half of the year remained steady at P15 billion, while revenues climbed 3 percent to P194 billion.
“We also expect higher dividends this year coming from our core units and investments. Overall, we are optimistic on the future prospect of the business and will continue to look for opportunities to scale up into adjacencies in airport infrastructure, supply chain/logistics, and digital finance,” said JG Summit president and chief executive Lance Gokongwei.
