JG Summit Holdings Inc. (JGS) on Wednesday reported a net loss of P87.9 billion for 2025, reversing from the previous year’s P21.3 billion, due to a massive impairment charge related to the shutdown of its petrochemical operations even as its core businesses delivered modest growth.
In a disclosure, the conglomerate said the loss reflected the results of its discontinued petrochemical operations, which included a P114.3-billion impairment loss booked by JG Summit Olefins Corp. after its board approved the write-down of assets in the fourth quarter.
Continuing operations remained healthy, however, with recurring net income rising three percent year-on-year to P31.9 billion, supported by growing demand for travel and leisure along with strong consumption.
Consolidated revenues from ongoing businesses increased nine percent to P368.6 billion thanks to double-digit growth in its airline and property businesses and volume-led expansion in branded foods.
“Our 2025 performance reflects the resilience of our portfolio, supported by sustained consumer demand and continued strength in our leisure-related businesses,” JG Summit President and CEO Lance Gokongwei said.
He added that the company had started discussions with potential buyers of its mothballed petrochemical assets and was evaluating options for its Batangas complex.
Meanwhile, the company said core net income declined 11 percent to P36.4 billion while net income from continuing operations fell seven percent to P36.1 billion.
These declines were attributed to the absence of a P7.9-billion one-off gain recognized in 2024 from a bank merger transaction, which was partly offset by a P4.2-billion gain from its airline’s receipt of free-of-charge engines in 2025.
The conglomerate said its financial position remained sound last year despite the impairment hit, with a debt-to-equity ratio of 0.73 and a net debt-to-equity ratio of 0.59 as of end-2025.
Dividends received at the parent level rose 25 percent to a record P21.6 billion, driven by higher contributions from subsidiaries and core investments.
Among its business units, food subsidiary Universal Robina Corp. posted a 4-percent increase in revenues to P168 billion, driven by sustained volume growth across key segments, although higher coffee input costs weighed on margins.
Its packaging unit saw net income slip five percent to P11 billion due to a one-time impairment loss.
Property arm Robinsons Land Corp. posted revenue growth of 13 percent to P48.4 billion and a net income of P13.5 billion, up eight percent, despite higher depreciation and expenses.
In the airline business, Cebu Air Inc., operator of Cebu Pacific, recorded a 14-percent increase in revenues to P119.9 billion after flying a record 26.9 million passengers, with net income more than doubling to P12.3 billion, boosted by operational efficiencies and compensation from engine manufacturer Pratt & Whitney.
Equity earnings from Manila Electric Co. rose 12 percent to P13.3 billion while contributions from Singapore Land increased seven percent to P3.5 billion, reflecting improved performance across investment properties.
For 2026, Gokongwei said the group would be taking a prudent and disciplined approach amid global uncertainties, focusing on protecting cash flows, maintaining balance sheet strength, and improving operational efficiency while continuing to pursue long-term value creation.
JG Summit shares on Wednesday dropped P0.55, or 2.04 percent, to close at P26.45 each amid a 1.82-percent rise for the benchmark Philippine Stock Exchange index.