JG Summit expects to sustain topline growth
Conglomerate JG Summit Holdings Inc. of the Gokongwei Group expects revenue growth in the second half to be in line with the previous semester despite risks such as inflation and weather disruptions.
Manila, Philippines — JG Summit Holdings Inc., a Gokongwei Group conglomerate, anticipates revenue growth in the second half of the year to match the previous semester, despite challenges such as inflation and adverse weather conditions, according to JG Summit's president and CEO, Lance Gokongwei. When queried if the firm could maintain the seven percent topline growth observed in the first half, Gokongwei stated that they foresee "roughly similar growth numbers" for the remaining half of the year.
The conglomerate's revenue soared by seven percent to P200 billion in the first half of the year, compared to the previous year. During a press conference in Pangasinan, Gokongwei addressed the revenue outlook amidst the ongoing ceremonial groundbreaking for the Gokongwei Brothers Foundation and Robinsons Land Corp.'s classroom donation.
Despite the optimism, he acknowledged facing risks from inflationary pressures, particularly on energy prices, as well as challenges in Cebu Air Inc., the airline business under JG Summit's umbrella. The latter is grappling with disruptions due to tensions in the Middle East and rising oil prices at the Strait of Hormuz. Furthermore, Gokongwei highlighted the potential impact of unfavorable weather, including the El Niño phenomenon, on consumption and the conglomerate's businesses, emphasizing the need to account for this risk.
Written by urgent.news from Philippine Star Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
