PHINMA Corp. said consolidated revenue last year rose to P23.76 billion from P21.27 billion in 2023, as its strategic business units continued to deliver topline growth despite challenging market conditions.
However, the company’s consolidated net income declined to P936.87 million, while net income attributable to equity holders of the parent fell to P279.55 million. In 2023, consolidated net income and net income attributable to equity holders of the parent company were restated to P1.50 billion and P831.27 million, respectively.
The decline in bottom-line figures follow a self-initiated review by PHINMA subsidiary, Union Galvasteel Corp., which led to the restatement of the company’s 2023 financial statements. The Securities and Exchange Commission approved PHINMA’s request to restate the prior year’s results, which subsequently led to an adjustment in retained earnings.
Despite the lower net income, PHINMA noted that its core operations remained resilient, with revenue growth driven by key sectors such as education, construction materials, and energy. The listed company emphasized its continued commitment to operational efficiency, sustainability, and long-term value creation.
PHINMA said it remains focused on strengthening its SBUs and maintaining fiscal discipline as it navigates economic headwinds and industry shifts.
