MANILA - JG Summit said its consolidated net income in 2022 was at P700 million while its revenues reached a record high of P312.4 billion, up by 36 percent and also exceeding its pre-pandemic level.
The decline in net income was due to the impact of the devaluation of the peso to its US dollar-denominated debt. The total is lower compared to the P5.1 billion reported net income in 2021, the Gokongwei-led firm said in a disclosure to the stock exchange.
Core net income, meanwhile, rose to P6.2 billion last year, it said.
"We continue to remain cautiously optimistic in 2023 given the lingering geopolitical and global economic risk. With inflation forecasted to slowly ease out on a sequential basis, we are hopeful that domestic consumption will remain buoyant while we expect to benefit from the reopening of China in our airline and petrochemicals businesses," JG Summit President and CEO Lance Goongwei said.
Last year's profit improvements can be attributed to the reopening of the economy, strong revenue performance and its cost-saving programs, the company said.
JG Summit's portfolio of businesses includes Universal Robina Corp, Robinsons Land Corp, Cebu Pacific, Robinsons Bank and JG Summit Olefins Corp, among others.