Philippines’ JG Summit reports petrochemical loss in Q1

JG Summit Holdings, Inc. recorded a core net income of P4.4 billion ($77 million), down sharply from P12.6 billion ($220 million) in Q1 2024. The company reported consolidated revenues of P98.2 billion ($1.71 billion) for the first quarter of 2025, slightly up from P96.6 billion ($1.68 billion) in the same period last year.

JG Summit Olefins Corporation (JGSOC), its petrochemical subsidiary, posted a 46% revenue drop to P7.6 billion ($132 million) in Q1 2025 due to an indefinite shutdown that began in January. Despite a 24% increase in its fuels trading business, the unit still recorded a P3.3 billion loss ($58 million), flat year-on-year, as non-recurring shutdown-related costs offset improvements in core and EBITDA losses.

The JGS Board has approved a minimum two-year extension of the plant shutdown due to ongoing global industry headwinds. The company shut down Batangas cracker and downstream units in January indefinitely amid profitability issues.