Phinma earnings rise to P1.63 billion on higher enrolment

March 7, 2024 | 12:00am

MANILA, Philippines —  Diversified investor Phinma Corp. registered its best enlistment year in its education segment in 2023, helping it drive up profit to P1.63 billion with the help of expansion in other industries.

Based on its financial report, Phinma grew its net income by seven percent last year, from P1.53 billion in 2022, buoyed by the full return of face-to-face schooling that increased enrollment.

In general, Phinma expanded its revenue by a fifth to P21.27 billion, from P17.7 billion, lifted by improved contribution from education, while construction submitted its usual share.

Broken down, Phinma Education Holdings Inc. welcomed a record number of 146,546 students in the first semester of the school year 2023-2024. As a result, the unit turned in a profit of P1.19 billion and revenue of P5.44 billion.

The Construction Materials Group remained the largest contributor to Phinma, as it brought in P430.95 million in profit and P13.27 billion in revenue. The group consists of the following: Union Galvasteel Corp. (UGC), Philcement Corp. and Phinma Solar Corp.

In particular, UGC’s sales volume increased in the second half of 2023 as construction picked up pace after slacking in the first semester.

Philcement pursued several initiatives to cut costs, and the manufacturer also adjusted its pricing to keep up with industry competitors.

Phinma Solar obtained 58 projects in 2023, totaling 9.39 megawatt peak, from the Green Energy Auction Program, making it the lone company to win a contract in the solar rooftop segment.

Meanwhile, Phinma raised its stake in Phinma Property Holdings Corp. to 76.81 percent in 2023. Since the investment in July 2023, Phinma Properties has nursed its financial condition, posting a profit of P281.99 million in the second half from a net loss of P63.87 million in the first half.