JG Summit Holdings Inc. (JGS), the flagship of the Gokongwei Group, posted a three-percent improvement in recurring income last year but suffered a net loss of ₱87.9 billion due to losses related to the shutdown of its petrochemical business.

In a disclosure to the Philippine Stock Exchange (PSE) on Wednesday, March 25, the firm said recurring net income from continuing operations grew to ₱31.9 billion last year, primarily supported by growing demand for travel and leisure alongside strong consumption.

“Our 2025 performance reflects the resilience of our portfolio, supported by sustained consumer demand and continued strength in our leisure-related businesses,” said JG Summit President and Chief Executive Officer (CEO) Lance Y. Gokongwei.

He noted that, “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.”

“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,” said Gokongwei.

The conglomerate’s consolidated revenues from ongoing businesses hit ₱368.6 billion, up nine percent year-on-year, fueled by double-digit growth in Cebu Air Inc. (Cebu Pacific) and Robinsons Land Corp. (RLC), as well as steady, volume-driven topline improvement in Universal Robina Corp. (URC).

However, core net income and net income from continuing operations fell 11 percent and seven percent year-on-year to ₱36.4 billion and ₱36.1 billion, respectively, primarily due to the absence of the ₱7.9-billion gain recognized in 2024 from its bank merger transaction, though this was partly cushioned by the equitized ₱4.2-billion gain from its airline’s receipt of free-of-charge engines in 2025.

Excluding these one-off gains, JGS closed the year with recurring net profits of ₱31.9 billion. This was underpinned by the strong performance of its leisure businesses and favorable mark-to-market movements, which outweighed the effects of elevated coffee costs in branded foods and higher parent interest expense.

Meanwhile, JGS reported a net loss of ₱87.9 billion last year, reflecting the results of its discontinued petrochemical operations. This includes the ₱114.3-billion impairment loss booked by JG Summit Olefins Corp. (JGSOC) after receiving board approval to write down its assets in the fourth quarter of 2025.

“Despite recording such impairment loss, JG Summit’s financial position continues to be healthy, underscoring its resilience and ability to support growth,” the firm said.

Dividends received at the parent level reached a record high totaling ₱21.6 billion, 25 percent higher year-on-year, driven by higher contributions across nearly all subsidiaries and core investments, including dividends in arrears on the preferred shares of its airline.

URC’s net income declined five percent year-on-year to ₱11 billion, reflecting the impact of a one-time impairment loss recognized in its packaging unit.

RLC’s net income grew eight percent to ₱13.5 billion as it maintained strong mall occupancy at 94 percent and office occupancy at 85 percent.

Cebu Pacific’s net income more than doubled from ₱5.4 billion in 2024 to ₱12.3 billion in 2025, further boosted by gains from five engines that the airline received as compensation from Pratt & Whitney for ongoing aircraft-on-ground issues.

Equity income from Manila Electric Co. (Meralco), amounting to ₱13.3 billion, was higher by 12 percent year-on-year in 2025. PLDT Inc. reduced its payout by ₱1 per share in 2025, settling at ₱95 per share, while Bank of the Philippine Islands (BPI) delivered a 10-percent increase in dividends, amounting to ₱4.36 per share.