JG Summit’s revenues grew 11% to P379.7 billion in 2024, with core profits increasing by 29% to P24.9 billion year-on-year.

The company attributed its strong bottomline last year from a P7.9-billion gain after its banking subsidiary Robinsons Bank merged with Bank of the Philippine Islands (BPI) on Jan. 1, 2024.

JG Summit added that this offset the losses in other businesses, such as lower profits in its petrochemical unit JG Summit Olefins Corp. (JGSOC) due to weak polymer margins, higher costs from its Cebu Air, Inc. for the airlines fleet investments, and reduced sugar profits in its food and beverage subsidiary Universal Robina Corp. (URC).

“We have successfully navigated 2024 with mixed results coming from our different units and investments,” JG Summit president and chief executive officer Lance Gokongwei said in a statement.

“Coming into 2025, our key priority will be to accelerate the overall topline growth of our business units given the expected rebound in consumer sentiment as inflation eases,” Gokongwei added.

Biggest share in JG Summit’s topline in 2024 was URC with revenues amounting to P161.9 billion, up by 3% year-on-year backed by the strong performance of its overseas division.

Cebu Air’s revenues in 2024 expanded by 16% to P104.9 billion, supported by an 18% increase in number of passengers flown last year as average fares in the second half of 2024 decreased by 3%year-on-year.

CEBU PACIFIC PHOTO