Gokongwei-led JG Summit Holdings Inc. reported a 10 percent increase in net profit to P22 billion in 2024, driven by gains from the sale of its banking unit, which helped offset challenges in its airline business.
Core net income, including nonrecurring gains, jumped 29 percent to P24.9 billion, while total revenues rose 11 percent to P379.7 billion, according to a regulatory filing on Thursday.
The company’s income was boosted by a P7.9-billion gain from Robinsons Bank’s merger with Bank of the Philippine Islands (BPI). Robinsons Bank shareholders retained a 6-percent stake in BPI.
“We have successfully navigated 2024 with mixed results coming from our different units and investments,” JG Summit president and CEO Lance Gokongwei said.
Despite an increase in passenger volume, Cebu Pacific’s net profit dropped 32 percent to P5.4 billion in 2024 due to costs related to aircraft fleet expansion. Passenger revenues climbed 14 percent to P71.3 billion, while ancillary revenues and cargo revenues rose 16 percent and 39 percent, respectively.
The airline transported 24.5 million passengers, capturing 54.1 percent of the domestic market and 20.6 percent of the international segment. However, additional aircraft and spare engine investments affected profitability, with fleet expansion bringing the airline’s total aircraft count to 98. Leasing costs reached P900 million, while airport and groundhandling expenses totaled P11.37 billion.
Gokongwei remains optimistic about 2025. “Coming into 2025, our key priority will be to accelerate the overall top-line growth of our business units given the expected rebound in consumer sentiment as inflation eases,” he said.
Universal Robina Corp.’s revenues grew 3 percent to P161.9 billion, driven by international sales. Robinsons Land Corp. also saw a 3-percent increase in revenues to P40.1 billion, while JG Summit Olefins Corp. posted a 33-percent jump to P50.4 billion.
