PHINMA Corp. said Thursday it ended 2023 strongly, with net profit rising P1.63 billion from P1.53 billion, on sustained enrollment growth at its affordable education venture and improved cost efficiency at its construction materials group.
PHINMA recorded a 20 percent year-on-year growth in revenue to P21.27 billion.
The company said its unit, PHINMA Education, saw the combined enrollment in the Philippine and Indonesia climb 18 percent to 146,546 in the wake of efforts to provide affordable eduction.
PHIMNA’s construction materials group, which includes Union Galvasteel Corp., Philcement Corp. and Phinma Solar Corp., posted a net income of P430.9 million on revenue of P13.27 billion with the rebound in construction activity in the second half of last year.
The company recently raised its stake in PHINMA Properties to 76.81 percent from 40.1 percent in preparation for a strong push in the housing sector, where a backlog continues to grow. The property unit saw a net profit of P282 million in the second half, offsetting a loss of P63.9 million in the first half.
“Our stronger figures in 2023 prove that business can indeed be a force for good both for the general Filipino public and the company’s stakeholders,” said PHINMA chairman and chief executive officer Ramon del Rosario. “Doing good business means helping improve the lives of our countrymen,” he added.
