JG Summit Sees Sustained Revenue Growth in H2 Amid Inflation, Weather Risks

MANILA, Philippines — 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. JG Summit president and CEO Lance Gokongwei told reporters that the firm expects “roughly similar growth numbers in the second half,” when asked if it could sustain the seven percent topline growth in the first half. JG Summit’s revenue grew by seven percent to P200 billion in the first half from a year ago. Gokongwei was asked about the revenue outlook on the sidelines of the ceremonial groundbreaking for the Gokongwei Brothers Foundation and Robinsons Land Corp.’s classroom donation in Pangasinan. “All in all, we think the country is still growing, although we are facing a couple of risks now. One is really the inflationary pressures,” Gokongwei said, citing pressure on energy prices. He said that its airline business, Cebu Air Inc., is facing more challenges as tensions in the Middle East are causing disruptions in the Strait of Hormuz and pushing up oil prices. Apart from inflation, Gokongwei said unfavorable weather conditions are also seen as risks that may impact consumption and the conglomerate’s businesses. “Weather like this doesn’t help. (There’s) a lot of disruption also driven by the El Niño and the bad weather. So we have to be concerned about that risk,” he said.