PHINMA Corp. sets P4.5-B capex budget for 2024

2 weeks ago

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PHINMA Corp. has allocated a capital expenditure (capex) budget of P4.5 billion for this year, with the majority allocated to its education business.

“About P1.75 billion is for project development and land acquisition, and the remaining P500 million will be divided among the construction materials group, parent company, and hospitality,” PHINMA Corp. Chief Financial Officer EJ Qua Hiansen told reporters on Tuesday.

PHINMA Corp. is expecting a “stronger top line” this year, he said.

The company saw a 6.5% increase in its 2023 net income to P1.63 billion. The conglomerate’s consolidated revenues improved by 20% to P21.27 billion.

Its education business led by PHINMA Education Holdings, Inc. posted a P1.19 billion consolidated net income and P5.44 billion in consolidated revenues last year.

PHINMA Education saw an 18% increase in enrollment for the first semester of school year 2023-2024 at 146,546 students across the Philippines and Indonesia.

On Tuesday, PHINMA Corp. shares surged by 0.49% or 10 centavos to P20.50 apiece. — Revin Mikhael D. Ochave