Phinma ’23 income hits ₧1.63B

PHINMA Corp. on Thursday said its income expanded by 6 percent to p1.63 billion last year from the previous year’s p1.53 billion on the sustained growth of its education business.

Consolidated revenues rose 20 percent to p21.27 billion, up by 20 percent from the previous year’s p17.66 billion.

The company said it also improved the cost-efficiency efforts of its construction materials group and phinma property Holdings Corp. It said the hospitality segment took advantage of the continued recovery in domestic travel and events, particularly in the Mall of Asia area.

“Our stronger figures in 2023 prove that business can indeed be a force for good both for the general Filipino public and the company’s stakeholders. Doing good business also means helping improve the lives of our countrymen,” company chairman and CEO Ramon R. del Rosario said.

For the first semester of school year 2023-2024, phinma education Holdings Inc. logged its highest enrollment at 146,546 students in the philippines and Indonesia, an 18-percent increase compared to the previous school year while also achieving savings on operational cost.

Consolidated revenues and consolidated net income reached p5.44 billion and p1.19 billion, respectively, for calendar year 2023.

Its construction materials group, composed of Union Galvasteel Corp., Philcement Corp. and Phinma Solar Corp., recorded combined revenues of p13.27 billion and a combined net income of p430.95 million.

Union’s sales volume grew as construction activities rebounded in the second half of 2023.

Its solar firm also secured 58 projects, totaling 9.39mwp via the government’s Green energy Auction program. This was the only company that participated in the bidding for the solar rooftop segment.

phinma raised its ownership in phinma properties last July to 76.81 percent from 40.1 percent.