One of the top Philippine conglomerates, JG Summit Holdings, Inc. (JGS), reported first-quarter core net income of P12.6 billion (1Q24), an increase of 213% YoY. This was on the back of the strong results of its food, real estate, and air transport businesses, which were further boosted by the gains it realized from its bank merger.
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Driven by higher sales in its Food and Spirits businesses, San Miguel Food and Beverage Inc. (SMFB) reported robust financial results for the first quarter of 2024, with consolidated operating income up 13% to P13.1 billion.
The unaudited financial results of Monde Nissin Corporation (Monde) for the first quarter that concluded on March 31, 2024, were released. The first quarter's consolidated revenue increased 2.1% to P20.3 billion on a comparable basis, mostly as a result of fewer selling days in APAC BFB because of the Philippines' Holy Week break.
One of the top carriers in the Philippines, Cebu Pacific (CEB), saw a 21% growth in revenue to P25.3 billion in the first quarter of 2024.
Century Pacific Food, Inc. (CNPF), one of the Philippines' major food and beverage firms, has announced its unaudited financial results for the first quarter of 2024. Consolidated revenues increased by 16% from the same time last year, while net income after tax increased by 15% year over year.
In the first quarter of 2024, Apex Mining Company, Inc. reported a record consolidated net income of P852.7 million, which is 55% more than the P548.8 million earned at the same time the previous year. For the quarter, total gross revenues increased by 31% year over year to P3.4 billion.
In the first three months of 2024, Philippine Business Bank (PBB) generated interest income of P2,519.3 million, a 14.1% YoY increase. Profit before taxes was P679.8 million, while core income reached P782.5 million. From P488.8 million to P511.5 million, net income increased by P22.7 million.
PLDT Inc. (PLDT) has successfully obtained a P4 billion green loan from Metropolitan Bank & Trust Co. (Metrobank). This is the first green loan that PLDT has obtained from a local financial institution. As with its initial P1 billion green loan, the funds will be used to expand PLDT's fiber coverage across the entire nation. This will help to close the digital divide in the nation and provide a dependable and fast internet experience made possible by an energy-efficient network.
Petron Corporation performed admirably in the first quarter of 2024, increasing its net income from P3.4 billion to P3.93 billion, a 16% increase over the same period the previous year.
Ayala Land, Inc.'s subsidiary, AyalaLand Logistics Holdings Corp. (ALLHC), reported P211 million in net income and P1.3 billion in consolidated revenues for the first quarter of 2024, indicating a strong rebound from the 2023 downturn.
EastWest Bank (EW), led by Gotianun, maintained its momentum in the first three months of 2024, with a net income of P1.7 billion, owing to continued consumer lending expansion and innovative digital efforts. In its 30th year, EastWest has reaffirmed its commitment to provide tailored and accessible financial solutions, which now underpin its consumer loan services. The sustained increase in consumer credit to start the year considerably contributed to a strong Return on Equity (ROE) of 10.0%, 52 basis points better than at the end of 2023.
The Securities and Exchange Commission (SEC) has filed a criminal complaint against Abra Mining & Industrial Corporation (AR), its directors, officers, transfer agent and certain stockholders for the unauthorized and fraudulent trading of shares from 2015 to 2019.
Semirara Mining and Power Corporation (SMPC), an integrated energy company, saw a 28% decline in net income in the first quarter of 2024 to P6.5 billion from P9.0 billion in the same period last year as the impact of increased energy sales volume and increased coal exports was lessened by lower market pricing.
The thrift banking arm of the Metrobank Group, Philippine Savings Bank (PSBank), reported P1.20 billion in net income for the first quarter of 2024, a 23% increase over P976.88 million for the same period the previous year. Operating expenses increased by 5% to P2.30 billion, while core revenues, which include net interest income and net service fees and commissions, increased by 2% year over year to P3.49 billion.
Megawide Construction Corporation (Megawide) has proposed a P4.0 billion bond issue with an up to P1.0 billion oversubscription offer. Philippine Rating Services Corporation (PhilRatings) has assigned an Issue Credit Rating of PRS Aa with a Stable outlook. While business development opportunities will be included in the oversubscription allotment, proceeds from the base offer will be utilized for other general corporate objectives and to refinance the company's current debt obligations.
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BLOGGER Hi, I'm Ralph Gregore Masalihit! An RFP Graduate (Registered Financial Planner Institute - Philippines). A Personal Finance Advocate. An I.T. by Profession. An Investor. Business Minded. An Introvert. A Photography Enthusiast. A Travel and Personal Finance Blogger (Lakbay Diwa and Kuripot Pinoy). Currently, I'm working my way toward time and financial freedom. PLACE YOUR ADS HERE FOLLOW ME ON FACEBOOK & X Categories
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