Conglomerate Phinma Corp. said its income for 2022 slipped 18 percent to only P1.5 billion due to higher raw materials costs occasioned by the global supply chain disruptions, a strong US dollar and increased education costs.
Consolidated revenue for the year rose 10 percent to P17.7 billion from the previous year’s P16.03 billion.
“Phinma’s 2022 results highlight our successes in providing quality, accessible services for Filipino families through our education, construction materials, property development, and hospitality businesses. As our businesses grow and maintain their upward momentum, we remain steadfast in our mission of improving access to the essentials of a dignified life for families in the communities we serve,” company president and COO Chito B. Salazar said.
Phinma Education Holdings Inc. became the country’s largest private education network as it welcomed 124,501 students for school year 2022-2023, a 30 percent increase in annual enrollment. Phinma Education owns nine colleges and universities nationwide.
Net income during the period, however, totaled only P633 million, a decrease of 24 percent from P839 million in 2021 due to a revision in the school opening schedules that reflected nine months of regular semester for 2022 compared to eleven months in 2021.
Phinma Construction Materials Group, composed of Union Galvasteel Corp., Philcement Corp., and Phinma Solar Corp. reported a 9 percent revenue increase over the previous year of a combined P13.2 billion for the year.
Net income for the construction group reached P494.9 million, lower than P902 million posted the previous year due to abnormally higher input costs given global supply chain disruptions and a strong US Dollar.
Affiliates Phinma Property Holdings Corp. and Coral Way City Hotel Corp. had an equitized net income of P58 million in 2022, an increase of 76 percent from P32.9 million in the previous year.
