JG Summit profit grows to P31.9B on leisure gains
GOKONGWEI-LED conglomerate JG Summit Holdings, Inc. reported a 3% increase in attributable net income for 2025 to P31.9 billion, supported by strong travel and leisure demand and sustained consumer spending.
The group posted consolidated revenues of P368.6 billion, up 9%, driven by double-digit growth in its airline and real estate businesses, along with steady volume gains in food and beverage.
Core net income declined 11% to P36.4 billion, while net income from continuing operations fell 7% to P36.1 billion. The declines mainly reflected the absence of a P7.9-billion gain recorded in 2024 from a bank merger. This was partly offset by a P4.2-billion gain in 2025 from the airline’s receipt of free engines.
Excluding one-off items, core profit reached P31.9 billion. Results were supported by strong performance in leisure-related businesses and favorable mark-to-market gains, which helped offset higher coffee costs in branded foods and higher parent-level interest expenses.
“Our 2025 performance reflects the resilience of our portfolio, supported by sustained consumer demand and continued strength in our leisure-related businesses. During the year, we also recognized an impairment loss on our discontinued petrochemical operations. We have also started discussions with potential buyers of the mothballed asset and are determining the best use of the Batangas complex,” JG Summit President and Chief Executive Officer Lance Y. Gokongwei said in a statement on Wednesday.
JG Summit also reported a net loss of P87.9 billion for 2025 due to its discontinued petrochemical operations. The loss included a P114.3-billion impairment recorded by JG Summit Olefins Corp. (JGSOC) in the fourth quarter, after its board approved a write-down of assets.
Despite the impairment, the company said it maintained a healthy financial position as of December 2025, with stable cash and debt levels. Its debt-to-equity ratio stood at 0.73, while net debt-to-equity was 0.59. Parent-level dividends reached a record P21.6 billion, up 25%, driven by contributions from subsidiaries and investments, including airline preferred shares.
Universal Robina Corp. (URC) reported a 5% decline in net income to P11 billion despite a 4% increase in revenues to P168 billion. Growth was supported by volume gains in Branded Consumer Foods Philippines, Sugar and Renewables, and URC Malaysia, but was offset by weaker sales in Animal Nutrition and Health and a midyear slowdown in Indochina.
Robinsons Land Corp. (RLC) posted an 8% increase in net income to P13.5 billion, while revenues rose 13% to P48.4 billion. Growth was driven mainly by its malls and hotels segments amid higher consumer spending and a recovery in tourism.
Residential sales also improved, particularly from lease-to-own and ready-for-occupancy units, further supporting revenue growth.
Cebu Air, Inc. more than doubled its net income to P12.3 billion, supported by compensation gains from five engines received from Pratt & Whitney for ongoing aircraft-on-ground issues. Revenues rose 14% to P119.9 billion, driven by a record 26.9 million passengers, up 10%, along with stable seat load factors and higher cargo volumes.
JG Summit’s equity earnings from Manila Electric Co. (Meralco) increased 12% to P13.3 billion, supported by stronger power generation results, higher distribution pass-through charges, and increased retail electricity sales.
Its equity share in Singapore Land Group rose 7%, driven by improved yields from investment properties and stronger contributions from its Singapore-based assets.
“As we look ahead to 2026 amid heightened global uncertainty, we are taking a prudent and disciplined approach — prioritizing cash flow protection, balance sheet strength, and operational efficiency,” Mr. Gokongwei said.
“At the same time, we remain focused on long-term value creation as we continue to advance our Parent transformation, with our business units refining their value creation plans under clear governance and investment guardrails informed by our portfolio review,” he added.
On Wednesday, JG Summit closed at P26.45 per share, down P0.55 or 2.04%. — Alexandria Grace C. Magno
