JG Summit's Core Net Income Settles At P6.5b

JG SUMMIT Holdings Inc. (JGS) reported core net income of P6.5 billion in the first nine months of 2022, over a 10-fold increase versus P0.6 billion in the same period last year driven by both the significant improvements in the operating results of its consumer-facing businesses, as well as the P3.2 billion portfolio management gain that the holding company recognized from the sale of its partial 3.2 percent stake in Manila Electric Company in July 2022. This core net income was also delivered on the back of a 34 percent year-on-year surge in JGS’ consolidated revenues to P224.8 billion in the first nine months. Meanwhile, JGS’ balance sheet remains robust with consolidated gearing and net debt-to-equity ratios at 0.74 and 0.52, respectively, as of end of September 2022. (PR)