JG Summit eyes 2026 with prudence after Petrochem hit

JG Summit Holdings Inc. (JGS), the flagship of the Gokongwei Group, said it is taking a “prudent and disciplined” approach this year amid heightened global uncertainty.

“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,” JG Summit President and CEO Lance Y. Gokongwei said in a Wednesday disclosure. 

The conglomerate reported recurring net income from continuing operations of P31.9 billion in 2025, supported by strong leisure demand and sustained consumer consumption. 

However, it posted a net loss of P87.9 billion due to its shuttered petrochemical business.

“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,” Gokongwei added.

Consolidated revenues from ongoing businesses grew nine percent to P368.6 billion, driven by Cebu Pacific (CEB), Robinsons Land Corp. (RLC), and steady gains at Universal Robina Corp. (URC). 

Core net income and net income from continuing operations fell 11 percent and seven percent to P36.4 billion and P36.1 billion, respectively, mainly due to the absence of a P7.9-billion one-off gain from a 2024 bank merger, partly offset by a P4.2-billion gain from CEB receiving free engines.

Dividends at the parent level reached a record P21.6 billion, up 25 percent, reflecting higher contributions across subsidiaries and core investments, including dividends in arrears on CEB preferred shares.

CEB’s net income more than doubled to P12.3 billion, boosted by the five engines received from Pratt & Whitney as compensation for ongoing aircraft-on-ground issues. 

URC’s net income fell five percent to P11 billion following a one-time impairment in its packaging unit, while RLC posted an eight-percent gain to P13.5 billion, supported by mall occupancy of 94 percent and office occupancy of 85 percent.

Equity income from Manila Electric Co. rose 12 percent to P13.3 billion. PLDT Inc. reduced its dividend by P1 per share to P95, while the Bank of the Philippine Islands raised dividends by 10 percent to P4.36 per share.