PHINMA Corp. said Monday its core net income rose 40 percent to P1.22 billion in the first nine months of 2023 from P871.48 million in the same period last year on the back of higher revenues.
Consolidated revenues climbed to P15.46 billion from P13.43 billion last year, following the record enrollment in the education business and consolidation of revenues of strategic business units beginning July 2023.
Improved revenues were driven by the strong performance of the strategic business units, where PHINMA now has higher stake following the acquisition in July 2023. Through the P2.34 billion acquisition, PHINMA increased its ownership in the group’s education, property development and hospitality businesses.
PHINMA Education Holdings Inc. welcomed 146,546 students in the first semester of the school year 2023-2024, marking an 18-percent growth in its enrollment base compared to the same period last year.
Its revenues grew 38 percent to P3.96 billion from P2.86 billion a year ago.
Net income improved to P968.11 million in the first three quarters from P568.05 million in the same period last year amid savings in operational costs.
PHINMA Construction Materials Group (PHINMA CMG), composed of Union Galvasteel Corp., Philcement Corp., and PHINMA Solar Energy Corp., posted combined revenues of P10.12 billion and combined net income of P361.05 million.
The company said this was fueled by the pick-up in construction activities in the third quarter, after a slowdown in the first half of the year.
Effective cost management also helped temper the impact from higher interest rates and a stronger dollar.
PHINMA Property Holdings Corp. (PHINMA Properties), where the parent’s effective ownership increased from 40.10 percent to 76.81 percent after the July 2023 acquisition, posted consolidated net income of P141.23 million in the third quarter, which offset the equitized net loss of P83.95 million in the first half of the year.
The group’s property development arm aims to help address the country’s housing backlog by building sustainable communities.