JG Summit core income doubles in 3Q 2025

Diversified conglomerate JG Summit Holdings, Inc. (PSE: JGS) reported that its core net income more than doubled to P4.6 billion in the third quarter of 2025, from P2.1 billion in the same period last year. The strong results were driven by a turnaround in its airline operations, robust growth in property, reduced losses in its petrochemical unit, and steady contributions from its food and beverage business.

The company’s solid third-quarter showing brought its nine-month consolidated core income to P19.3 billion, which includes a P4.0-billion equitized gain from Pratt & Whitney for compensation related to Cebu Pacific’s grounded aircraft. In comparison, JG Summit posted P20.3 billion in the same period last year, which included P7.9 billion in one-time bank merger gains. Excluding both extraordinary items, recurring core profits rose 24 percent year-on-year to P15.4 billion.

“We continue to exhibit a strong upward trajectory in recurring core profits, driven by the performance of our listed strategic business units and reduced losses from our mothballed petrochemical plant,” said JG Summit President and CEO Lance Y. Gokongwei. “With 2025 serving as a rebasing year, we are refreshing our long-term strategy with clear five-year value creation plans across our food, airline, and real estate businesses.”

Across its portfolio, JG Summit recorded a 10 percent increase in total revenues excluding its petrochemical unit to P262.1 billion in the first nine months of 2025. Including the impact of the JG Summit Olefins Corporation (JGSOC) plant shutdown, consolidated revenues were flat at P277.5 billion.

Its airline subsidiary, Cebu Air, Inc. (Cebu Pacific), nearly tripled its net income to P9.5 billion, driven by higher passenger volumes, increased cargo revenues, and compensation for grounded aircraft. The carrier maintained its domestic market leadership at 55 percent and expects to end the year with a 100-strong fleet as new NEO aircraft arrive.

Robinsons Land Corporation (RLC) posted a 13 percent rise in revenues to P35.5 billion, supported by stronger mall and hotel demand and improving residential sales. Net income climbed 10 percent to P10.2 billion, aided by tax benefits from its REIT asset infusion.

Universal Robina Corporation (URC) delivered P124.6 billion in revenues, up 5 percent, buoyed by growth in both domestic and international markets. Net income improved by 7 percent to P8.5 billion, supported by margin improvements, cost efficiencies, and favorable foreign exchange gains.

Meanwhile, JG Summit Olefins Corporation continued to reduce its financial drag following its plant shutdown, cutting monthly cash burn to P90–100 million and exploring strategic options to optimize asset value.

Overall, JG Summit’s net income rose 23 percent year-on-year to P3.8 billion in the third quarter, bringing the total to P18.8 billion for the first nine months, up 5 percent from the previous year. The company maintained a debt-to-equity ratio of 0.58 and a net debt-to-equity ratio of 0.48, underscoring a strong balance sheet. Dividend inflows to the parent company reached P19.2 billion, up 13 percent year-on-year, with more expected before year-end.

Gokongwei said JG Summit continues to strengthen its governance and investment strategy. “We are undergoing a more deliberate portfolio review and capital allocation process with tighter governance and investment guardrails,” he added.