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JG Summit Holdings Inc., the listed holding company of the Gokongwei family, earmarked P87.2 billion for 2024 capital expenditures to finance the expansion of its core airline, property and food manufacturing businesses.
JG Summit said in an investor presentation the bulk of this year’s capital spending would go to its airline business Cebu Air Inc., which is spending P48.7 billion for additional aircraft acquisition.Its property unit Robinsons Land Corp. also earmarked P22 billion in capital expenditures primarily to expand the commercial spaces of its malls and office as well as build more hotel rooms.
Meanwhile, the group’s petrochemical business will invest P2.7 billion to sustain operations and settle project contract payments this year. JG Summit said URC targets volume-based growth across categories and markets, while RLC continues to expand its portfolio and deliver strong growth across businesses.
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