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Gokongwei-led conglomerate JG Summit Holdings Inc. has staged a notable comeback in the first half, propelled by sustained margin expansion across its subsidiaries and a double-digit surge in consolidated revenues.
Gokongwei-led conglomerate JG Summit Holdings Inc. has staged a notable comeback in the first half, propelled by sustained margin expansion across its subsidiaries and a double-digit surge in consolidated revenues.
JG Summit reported a net income of P10.4 billion in the first six months, reversing the P2.75 billion net loss incurred in the same period in 2022.
Core earnings surged nearly sevenfold to P9.5 billion from only P1.4 billion a year ago.
JG Summit grew its revenues by 12 percent to P163.4 billion despite the absence of substantial contributions from the real estate arm’s residential project in China that were primarily recognized during the second quarter of the previous year.
Excluding this impact, the conglomerate’s consolidated topline demonstrated a 23 percent ascent, predominantly fueled by improvements in the group’s airline, food, and domestic property businesses.
“The group’s earnings improvement further accelerated in the second quarter with the sustained demand recovery and growth across our food, airline and property businesses,” JG Summit president and CEO Lance Gokongwei said.
“On top of this, initiatives across our business units to tackle cost inflation and implement efficiencies to recover our margins continue to bear fruit,” he added.
The conglomerate is currently operating at an accelerated pace to bolster capacity and enhance operational resilience across its ventures. This concerted effort includes the strategic expansion of Cebu Pacific’s aircraft fleet, aimed at meeting growing demands.
In addition, measures are being implemented to tackle supply chain challenges within Universal Robina Corp., with a focus on elevating order fulfillment rates.
Likewise, concerted initiatives are underway to enhance occupancy rates within Robinsons Land Corp., coupled with a cautious approach to unveiling new project developments.
“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.
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