Gokongwei group sees recovery in consumer demand as restrictions ease

·1 min read

DIVERSIFIED conglomerate JG Summit Holdings Inc. (JGS) registered revenues of P50.4 billion for the third quarter of 2021, a nine percent growth year-on-year. The firm’s core net income for the first nine months of 2021, however, declined to P948 million, albeit still in positive territory. The topline growth was mainly driven by expanded capacity and improved utilization rates of its petrochemical plants, the contribution from its Chengdu real estate project, higher earnings from its core investments in Meralco and PLDT, and the resilient topline of its food, banking and office segments. “Although 3Q presented challenges to some of our subsidiaries, we have seen green shoots in the market and recovery in consumer demand for products and services as vaccination rollouts accelerate and mobility restrictions ease starting November. We anticipate these developments to positively impact our airline, hotels, malls and food segments,” JGS president and chief executive officer Lance Gokongwei said. (PR)

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