Phinma earnings down 18% last year

MANILA, Philippines — Phinma Corp. reported a consolidated net income of P1.5 billion, down by 18 percent due to higher costs of raw materials driven by global chain disruptions.

However, the company posted a 10 percent increase in consolidated revenues to P17.7 billion.

Phinma, chaired by Ramon Del Rosario, has investments in education, property, hospitality and construction materials businesses.

Phinma president and COO Chito Salazar said the company’s 2022 results reflect the company’s successes in providing quality, accessible services for Filipino families.

“As our businesses grow and maintain their upward momentum, we remain steadfast to our mission of improving access to the essentials of a dignified life for families in the communities we serve,” he said.

By business segment, Phinma Education, with its nine colleges and universities, welcomed 124,501 students for school year 2022 to 23, marking a 30 percent increase in annual enrollment.

This resulted in consolidated revenue of P4.1 billion last year or an increase of 11 percent over the previous year.

Net income during the period, however, decreased to  P633 million from P839 million owing  to a revision in the school opening schedules, reflecting nine national months of regular semester for 2022 as compared to eleven months in 2021.

Phinma Construction Materials Group (CMG), composed of Union Galvasteel Corp. (UGC), Philcement Corp., and Phinma Solar Corp. (Phinma Solar), registered combined revenue of P13.2 billion.

However, net income for the construction group declined to P494.9 million from P902 million due to abnormally higher input costs amidst global supply chain issues and a strong US dollar.