JG Summit Holdings Inc., the holding company of billionaire John Gokongwei, said it earned P18.25 billion in 2014, up by 75 percent from the P10.43-billion net income it booked in 2013, on sustained growth of core businesses.
JG Summit, in a filing with the Securities and Exchange Commission, said the 2014 profit was boosted by the full-year recognition of equity earnings from the company’s investment in distributor Manila Electric Co. and higher dividends received from investments in Philippine Long Distance Telephone Co. and Jobstreet Malaysia.
JG Summit also has investments in real estate, air transportation, food manufacturing and financial services.
Consolidated revenues grew 23 percent in 2014 to P184.8 billion from P150.35 billion in 2013, led by the strong performance of all subsidiaries, except for the banking business.
JG Summit’s food manufacturing arm Universal Robina Corp. posted a 15.6-percent growth in revenues in 2014 to P96.6 billion, on the back of the strong performance of the branded consumer food products in both domestic and international markets.
The group’s airline unit Cebu Air Inc. registered a 26.8-percent increase in gross revenues to P52 billion from P41 billion in 2013, brought about by a 17.5-percent growth in passenger volume and higher cargo and ancillary revenues.
Robinsons Land Corp., the group’s property unit, saw its real estate and hotel revenues increase 5.4 percent to P17.43 billion.
JG Petrochem’s revenue jumped to P3.23 billion in 2014 from P542.55 million in the same period in 2013, as it resumed commercial operations in November 2014.
Banking revenue slightly dropped 1.2 percent to P2.72 billion this year, on lower trading gains and commission income for the period.
Meanwhile, equity in net earnings of associates and joint ventures posted a 217.4-percent increase to P7.25 billion mainly due to full-year recognition of equity earnings from Meralco in 2014.
The company completed the purchase of a 27.1-percent stake in Meralco in December 2013.