JG Summit Holdings said Wednesday it was on a recovery path from the pandemic as the reopening for the economy buoyed its food, real estate, petrochemicals, and banking segments and with Cebu Pacific poised to ride on looser travel rules.
Excluding Cebu Pacific, consolidated revenues exceeded pre-pandemic levels by 7% while core netcome reached 96% of its 2019 level, the conglomerate founded by the late industrialist John Gokongwei Jr. said in a statement.
Including the airline's performance, total revenues grew 13% to P230.6 billion. Total consolidated core net income rose 672% to P3.5 billion, driven by the 46% growth of Robinson's Lands profits as well as larger contributions from Jg Summit's core investments in Meralco, Singapore Land Group, and PLDT.
High fuel prices, inflation creeping higher and a weak peso pose headwinds, JG Summit said.
“For the full year of 2021, the business experienced a mixed set of results. Our food and banking segments continued to be stable while the mobility restrictions and quarantine measures still affected our real estate (specifically malls) and airline businesses," JG Summit President and CEO Lance Gokongwei said.
"It is noteworthy though that we have seen sequential recovery quarter on quarter as the vaccination rollout accelerated towards the second half of 2021. While 2022 started with a surge given the rapid spread of the Omicron variant, we remain hopeful that the more relaxed alert level after this surge will positively impact the demand for our products and services," he said.
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Editor's Note: Summit Media, which publishes reportr, is part of JG Summit Holdings.