Gokongwei-led JG Summit Holdings Inc. (JGS) reported that its net income inched up in the first half of 2025 due to the strong performances of its subsidiaries coupled with tapering losses in its petrochemical business, which was closed this year.

In a disclosure to the Philippine Stock Exchange (PSE), the firm said its net income improved to ₱15 billion in the first semester of 2025 from ₱14.8 billion in the same period last year.

This is due to its strong core performance, engine gains, plus non-core foreign exchange (forex) and mark-to-market movements this year, which offset the absence of last year’s bank merger gains.

Net income jumped 175 percent to ₱10.7 billion in the second quarter of 2025, largely in line with core profits.

For the first half this year, the absence of the ₱7.9-billion gain from the merger of Bank of the Philippine Islands (BPI) and Robinsons Savings Bank booked in the first quarter of 2024 explains the 19-percent year-on-year core profit decline to ₱14.8 billion from ₱18.1 billion.

But the ₱3.2-billion equitized gain from the on the engines provided by Pratt & Whitney in compensation for the ongoing aircraft-on-ground (AOG) issues provided cushion.

Excluding the one-off gains from the merger and engines, recurring core net income improved 14 percent year-on-year to ₱11.6 billion.

Core profits saw an 87-percent improvement in second quarter to ₱10.4 billion on the back of expanding operations of its air transport, property, and food and beverage businesses, plus the gain recognized on the engines provided by Pratt & Whitney.

“We continue to see sustained topline performance from our core business units as we benefit from improving consumer sentiment driven by easing inflation,” said JG Summit President and Chief Executive Officer (CEO) Lance Y. Gokongwei.

He added that, “This growth has trickled down to improving core earnings, further helped by the lower losses from the shutdown of our petrochemicals facility. We also expect higher dividends this year coming from our core units and investments.”

“Overall, we are optimistic on the future prospect of the business and will continue to look for opportunities to scale up into adjacencies in airport infrastructure, supply chain/logistics, and digital finance,” Gokongwei added.

JGS recorded consolidated revenues of ₱194 billion for the first half of 2025, a three-percent year-on-year increase from the same period last year. In the second quarter alone, revenues rose by five percent year-on-year to ₱95.9 billion.

This was supported by robust leisure demand benefiting its airline and property businesses, alongside the sustained domestic consumption seen by its food and beverage arm.

These more than made up for the expected decline in petrochemical sales given the plant shutdown which began early this year. Excluding the petrochemical business, JGS’ topline climbed 14 percent and 12 percent versus the second quarter and first half of the previous year, respectively.

The company said it collected ₱11.7 billion in dividends in the first half, 13-percent higher than the previous year.

Universal Robina Corp. (URC) reported a three-percent improvement in core net income to ₱6.5 billion, but a one-time impairment loss due to the cessation of operations of the packaging division pulled back net income by five percent year-on-year to ₱6.3 billion.

Robinsons Land Corp.’s (RLC) core and net profits improved by six percent and five percent year-on-year, respectively, to ₱6.9 billion, aided by lower interest rates which outweighed the additional depreciation it recorded from newly opened properties.

Cebu Air’s larger fleet and network resulted in core profits increasing 17 percent year-on-year to ₱4.3 billion, while additional gains from the Pratt & Whitney engines pushed net income up 153 percent year-on-year to ₱9 billion.

From the time the prolonged shutdown of JG Summit Olefins Corp.’s petrochemical plant was approved by the board in May 2025, all of its debt has been transferred to the parent company and cash burn has also been significantly reduced, while its liquefied petroleum gas (LPG) trading arm continues to operate.

JGS’ share in Manila Electric Co.’s (Meralco) net income grew by five percent year-on-year to ₱6.1 billion in the first half of 2025, driven by higher sales volumes in its distribution business and improved contributions from its power generation segment.

Equity income from Singapore Land increased by nine percent year-on-year to ₱1.5 billion, supported by higher contributions from property investments as well as better occupancy and rental rates from commercial properties.

PLDT paid dividends of ₱47 per share, translating to ₱1.1 billion in dividend receipts for JGS, up two percent year-on-year. BPI also declared higher dividends, contributing to a five-percent year-on-year increase in income from this investment.