Including CEB’s performance, JGS’ total revenues grew 13% year-on-year (YoY) to
Php230.6 billion as the partial reopening of the economy benefited its food, real estate,
petrochemicals, and banking segments. CEB likewise showed strong sequential
improvements quarter-on-quarter (QoQ). JGS’ total consolidated core net income rose
672% YoY to Php3.5 billion, driven by the 46% YoY growth of RLC’s profits as well as
larger contributions from its core investments in Meralco (MER), Singapore Land Group
(SLG), and PLDT. However, there were also headwinds from elevated fuel prices, high
inflation, and currency depreciation, which led to narrower operating margins for Universal
Robina Corporation (URC), JG Summit Olefins Corporation (JGSOC), and CEB.
Nonetheless, URC’s gain on the sale of its Oceania business and the benefits of CREATE
law boosted the group’s total net income to Php5.1 billion

JGS’ balance sheet remains healthy and robust, with the capacity to support postpandemic recovery and further growth. Its portfolio was also further strengthened by
various successful transactions across the group in 2021: JGS’ sale of its Global Business
Power stake to MER; URC’s Oceania divestment and its acquisition of Munchy Food
Industries; RLC’s REIT listing; CEB’s $1.6 billion capital-raising initiatives; JGSOC’s
completion of its new petrochemical plants; and RBank’s insurance and digital banking
investments. As of end-2021, JGS’ consolidated gearing and net debt-to-equity ratios
improved to 0.68 and 0.48, respectively.

JG Summit’s President & CEO Lance Gokongwei said, “For the full year of 2021,
the business experienced a mixed set of results. Our food and banking segments
continued to be stable while the mobility restrictions and quarantine measures still
affected our real estate (specifically malls) and airline businesses. It is noteworthy
though that we have seen sequential recovery quarter on quarter as the vaccination
rollout accelerated towards the second half of 2021. While 2022 started with a
surge given the rapid spread of the Omicron variant, we remain hopeful that the
more relaxed alert level after this surge will positively impact the demand for our
products and services. We are cautious though that headwinds continue to affect
us with the current volatility in oil prices, rising input costs and peso devaluation

will result to margin pressures. To mitigate this, we will continue to be proactive
in managing pricing and product mix while simultaneously putting in place
productivity initiatives across our businesses.
In addition, we have recalibrated our long-term objectives, goals, strategies and
measures and we are now actively implementing alignment to further enhance
value creation through our ecosystem to ensure we emerge as a stronger business
post-COVID and the years to come.”