JG Summit Holdings said it ended pandemic year 2020 with core net income after taxes of P450 million, banking on the diversity of its businesses.
Universal Robina Corporation, Robinsons Land Corporation, JG Summit Petrochemicals Group, Cebu Air, Inc., and Robinsons Bank Corporation are some of the units that make up the Gokongwei-led conglomerate's business portfolio.
"Coming from a very strong 2019, COVID-19 has clearly disrupted the business which dented our 2020 operating and financial results. Nonetheless, our diversified portfolio of market-leading businesses coupled with the strength of our balance sheet helped us navigate the situation," JG Summit President & CEO Lance Gokongwei said.
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JG Summit said the strength of its food and banking units helped offset the pandemic's hit on its pretrochemicals and airlines businesses. Prior to the pandemic, JG Summit had a multi-year transformation program that was accelarated in 2020. A focus on digitalization & customer centricity enabled it to adapt to the changing customer landscape.
"As we cautiously embark on this challenging path to recovery (with COVID still in the picture), our utmost priority is the health and welfare of our employees. Aligned with our purpose, we will also continue to provide better choices and the best value for our customers while ensuring business continuity and the exercise of prudence in liquidity and cost management," Gokongwei said.
Disclaimer: Summit Media Group, which publishes Reportr.World, is a part of JG Summit Holdings.