Proudly Filipino conglomerate PHINMA Corporation on Tuesday reported strong topline growth by closing 2022 with consolidated revenue of P17.7 billion, up 10 percent from a year earlier.
Consolidated income totaled P1.5 billion, down 18 percent due to factors as higher raw materials costs driven by global supply chain disruptions, a strong US Dollar, and increased education costs due to a revision in school opening schedules.
“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 to our mission of improving access to the essentials of a dignified life for families in the communities we serve,” said PHINMA president and chief operating officer Chito B. Salazar.
PHINMA Education Holdings, Inc. (PHINMA Education) became the country’s largest private education network as it welcomed 124,501 students for SY 2022-23, marking a 30 percent increase in annual enrollment.
PHINMA Education owns nine colleges and universities nationwide. This resulted in consolidated revenue of P4.1 billion, an increase of 11 percent over the previous year. Net income during the period, however, was P633 million, a decrease from P839 million from previous year, due to a revision in the school opening schedules, reflecting only nine months of regular semester for 2022 compared to eleven months in 2021.
PHINMA Construction Materials Group (CMG), composed of Union Galvasteel Corporation (UGC), Philcement Corporation, and PHINMA Solar Corporation (PHINMA Solar), reported an increase of 9 percent in revenue over the previous year with combined revenues totaling P13.2 billion for 2022.
Net income for the construction group of P494.9 million for 2022 proved lower than the P902 million posted in the previous year due to abnormally higher input costs amidst global supply chain issues and a strong US Dollar.
From affiliates PHINMA Property Holdings Corp. (PHINMA Properties) and Coral Way City Hotel Corporation (Coral Way), PHN reported equitized net income of P58 million in 2022, an increase over only P32.9 million the previous year.
PHINMA Corporation ended the period with cash and cash equivalents of P3.4 billion. Consolidated total assets and total stockholders’ equity at end-December 2022 stood at P32.0 billion and P11.1 billion, respectively.
PHINMA Corporation declared regular cash dividends equivalent to P0.60 per share payable April 5, 2023 to shareholders on record as of March 22, 2023.
