PHINMA Corp. net income hits P1.63B in 2023

LISTED conglomerate PHINMA Corp. saw a 6.5% increase in its 2023 net income to P1.63 billion from P1.53 billion the prior year due to higher revenues across its business units.

In a regulatory filing on Wednesday, PHINMA Corp. said its consolidated revenues rose by 20% to P21.27 billion while consolidated core net income improved by 40% to P1.67 billion.

“PHINMA’s stronger financial results were driven by the sustained growth in the education business which continued to see enrollment growth, along with the construction materials group (CMG) and PHINMA Property Holdings Corp.’s efforts to improve cost efficiency,” the conglomerate said.

“The hospitality business likewise took advantage of the continued recovery in domestic travel and events, particularly in the Mall of Asia area,” it added.

PHINMA Education Holdings, Inc. posted a P1.19-billion consolidated net income and P5.44 billion in consolidated revenues last year. The company saw an 18% increase in enrollment for the first semester of school year 2023-2024 at 146,546 students across the Philippines and Indonesia.

“PHINMA Education remained steadfast in its commitment to provide accessible quality education to the affordable segment,” it said.

PHINMA’s CMG, consisting of Union Galvasteel Corp., Philcement Corp., and PHINMA Solar Corp., saw a combined net income of P430.95 million and combined revenues of P13.27 billion in 2023.

Union Galvasteel recorded a surge in sales volumes as construction activities rebounded in the second half of 2023, while Philcement implemented various cost-saving initiatives and strategic pricing amid the highly competitive environment.

For its part, PHINMA Solar secured 58 projects totaling 9.39 megawatt peak in the government’s Green Energy Auction Program.

PHINMA Property Holdings Corp. recorded a P281.99-million consolidated net income for the second half of 2023, which offset the P63.87-million net loss in the first half.

In July last year, PHINMA Corp. increased its ownership of PHINMA Property Holdings to 76.81% from 40.1%.

Meanwhile, PHINMA Corp.’s consolidated net earnings of Coral Way, PHINMA Hospitality, and PHINMA Microtel reached P26.56 million in 2023. The net earnings included the equitized net income in Coral Way worth P5.25 million during the first half of 2023.

PHINMA Corp. acquired PHINMA Hospitality and PHINMA Microtel shares in July last year.

“Coral Way benefited from the resurgence of conventions, events, and corporate bookings in the Mall of Asia area,” PHINMA Corp. said.

In a separate stock exchange disclosure, PHINMA Corp. said its board approved the appointment of Edmund Alan A. Qua Hiansen as the conglomerate’s chief financial officer (CFO) effective April 1.

Aside from being PHINMA Corp.’s CFO, Mr. Hiansen holds concurrent positions as vice-president – finance for the PHINMA Construction Materials Group companies, CFO of Song Lam Cement Joint Stock Co. and deputy chief finance officer of PHINMA Prism Development Corp.

On Wednesday, PHINMA Corp. shares rose by 2.46% or 48 centavos to P19.98 per share. — Revin Mikhael D. Ochave