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JG Summit Holdings Inc., the holding agency of the Gokongwei household, stated its web revenue final yr reached P5.1 billion, a reversal of the earlier yr’s P468.16-million loss, however nonetheless under the P31.28-billion revenue it posted in 2019.
Complete revenues grew 13 % to P230.6 billion from the earlier yr’s P221.64 billion, because the partial reopening of the economic system benefited its meals, actual property, petrochemical and banking segments.
“For the complete yr of 2021, the enterprise skilled a combined set of outcomes. Our meals and banking segments continued to be steady whereas the mobility restrictions and quarantine measures nonetheless affected our actual property, particularly malls, and airline companies,” JG Summit President and CEO Lance Y. Gokongwei stated.
“Whereas 2022 began with a surge given the fast unfold of the Omicron variant, we stay hopeful that the extra relaxed alert stage after this surge will positively affect the demand for our services. We’re cautious although that headwinds proceed to have an effect on us with the present volatility in oil costs, rising enter prices and peso devaluation will end result to margin pressures.”
Core web revenue final yr reached P3.5 billion, pushed by the income of its property improvement arm, and bigger contributions from its core investments within the Manila Electrical Co., Singapore Land Group, and PLDT Inc.
There have been additionally headwinds from elevated gas costs, excessive inflation, and foreign money depreciation, which led to narrower working margins for its meals unit Common Robina Corp., JG Summit Olefins Corp. and Cebu Air Inc., which ended the yr with a web lack of P24.9 billion pushed by increased gas costs, maintenance-related bills, curiosity, and powerful peso depreciation.
The corporate’s petrochemicals enterprise noticed a income development of 90 % to P40.3 billion, pushed by sturdy volumes and better common promoting costs, along with recent contributions from its LPG buying and selling enterprise and the newly commissioned Aromatics Extraction Unit.
Full yr cracker and polymer charges had been at 91 % and 83 %, up from 70 % and 69 %, respectively.
Larger depreciation price and curiosity prices, in addition to international trade losses for the interval led to a web lack of P2.1 billion.
Revenues of Robinsons Financial institution Corp. was flat at P9.3 billion final yr, regardless of the expansion loans by 14 %, increased than the business’s 5 % enlargement.
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