Reduced liabilities from its mothballed petrochemical unit, combined with stronger performances in travel and real estate, helped propel core earnings at JG Summit Holdings Inc., the country’s second-largest conglomerate by market value.

In a disclosure to the Philippine Stock Exchange, JG Summit reported that its recurring core earnings, which exclude one-off items, reached ₱15.4 billion from January to September, a 24 percent rise from ₱12.42 billion a year ago.

However, JG Summit’s headline consolidated core profit declined to ₱19.3 billion from ₱20.3 billion in the same period last year.

The 2025 headline results included a ₱4 billion equity gain from Pratt & Whitney, compensation aimed at mitigating the ongoing Aircraft-on-Ground (AOG) issues impacting its budget carrier, Cebu Air Inc. (CEB). This figure contrasts with a more significant ₱7.9 billion one-time gain derived from a bank merger that had been incorporated into the 2024 results.

In the third quarter alone, JG Summit reported a two-fold increase in core net income for the period to ₱4.6 billion from ₱2.1 billion in the year-ago quarter. 


According to the conglomerate, the surge was driven by CEB’s dramatic return to profitability, double-digit expansion from Robinsons Land Corp. (RLC), and sharply reduced losses from the temporarily mothballed petrochemical arm, JG Summit Olefins Corp. (JGSOC).

Factoring in non-core mark-to-market and forex movements, JG Summit’s reported net income rose 23 percent year-on-year to ₱3.8 billion in the third quarter, bringing the nine-month total to ₱18.8 billion, an increase of five percent from the previous period.

“We continue to exhibit a strong upward trajectory in our recurring core profits, driven by the performance of our listed strategic business units,” said JG Summit President and Chief Executive Officer Lance Y. Gokongwei.

Gokongwei noted the group is treating 2025 as a “rebasing year” and is refreshing its long-term strategy. This includes implementing clearer five-year value creation plans for its core food, airline, and real estate units, alongside a more deliberate portfolio review and capital allocation process with tighter governance.

Group-wide revenues, excluding the negative impact of the JGSOC plant shutdown, rose 10 percent to ₱262.1 billion in the first nine months, following robust demand for travel and leisure, an improving residential market, and sustained growth in the food segment. Including the shutdown, JG Summit’s consolidated topline ended flat at ₱277.5 billion.

CEB reported its net income nearly tripled to ₱9.5 billion, largely bolstered by gains from five engines received as compensation for engine inspection issues that have grounded 12 of its aircraft.

RLC posted a 10 percent increase in net profits to ₱10.2 billion. Universal Robina Corp. (URC), the food unit, saw its net income rise seven percent to ₱8.5 billion, aided by favorable foreign exchange movements.

On the non-core front, JGSOC has successfully trimmed its monthly cash burn to between ₱90 million and ₱100 million following the plant shutdown and a full debt transfer to the parent company.

JG Summiot stated it is currently exploring strategic options to optimize JGSOC’s value. The parent company's equity share in Manila Electric Co.’s (Meralco) net income increased nine percent year-on-year to ₱9.5 billion, primarily from the power generation business.

Overall dividend income received by the group benefited from a 13 percent increase to ₱19.2 billion so far this year.