Education business lifts Phinma income to P1.6B

PHINMA Corp. saw its 2023 net income grow by 6.7 percent to P1.6 billion, from P1.5 billion a year earlier, following sustained growth in its education segment.

Consolidated revenues spiked by 20 percent year on year to P21.3 billion, while consolidated core net income surged by 40 percent to P1.7 billion from P1.2 billion in 2022.

Earnings last year were attributed to the sustained improvement in the education business, complemented by cost-efficiency initiatives in the property and construction segments, Phinma said in a disclosure on Wednesday.

Phinma Education Holdings Inc. was said to have reported a net income of P1.2 billion and consolidated revenues of P5.44 billion for the calendar year 2023, on the back of a record-high number of enrollees during the first semester.

It said the unit notched its “highest enrollment” of nearly 150,000 students in the Philippines and Indonesia, 18 percent higher compared to the previous school year, “while also achieving savings on operational costs.”

“[Phinma Education] remained steadfast in its commitment to [providing] accessible quality education to the affordable segment.”

The construction materials group — consisting of Union Galvasteel Corp., Philcement Corp., and Phinma Solar Corp. — booked a combined net income and revenues of P431 million and P13.3 billion, respectively.

The Del Rosario family-led conglomerate said Phinma Property Holdings Corp.’s second-half 2023 earnings stood at P282 million, which offset the P63.9 million in equitized net losses for the first six months of last year.

As for the hospitality business, Phinma said it delivered consolidated net earnings of P26.6 million following the acquisition of Phinma Hospitality and Phinma Microtel shares in July 2023.

The conglomerate’s shares improved by 48 centavos to close at P19.98 apiece on Wednesday.