MANILA - JG Summit Holdings Inc said Wednesday its consolidated revenues declined by 27 percent in 2020 but it has remained resilient due to its portfolio and agile response to the COVID-19 pandemic impact.
Banking and office segments, robust food sales and higher dividends from telco investments "tempered" the negative impact of COVID-19 on overall operating results, it said. Expansions in its food and banking units also provided some buffer to offset profit declines in other businesses, it said. Gokongwei said the pandemic accelerated their multi-year transformation program. The company will continue to invest in "necessary assets and capabilities" to sustain the business, he said.