PHINMA revenues rise 20% to P21B

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PHINMA Corp. said profit last year grew 6.53 percent to P1.63 billion from P1.53 billion in 2022. Core profit rose 40 percent to P1.67 billion from P1.19 billion.

Revenues reached P21.27 billion, up 20 percent, from P17.72 billion.

“PHINMA’s results were boosted by sustained growth of its education business which continued to see enrollment growth, along with the improved cost efficiency efforts of the construction materials group (PHINMA CMG) and PHINMA Property Holdings Corp. (PHINMA Properties),” the company said.

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“The hospitality business also took advantage of the continued recovery in domestic travel and events, particularly in the Mall of Asia area,” it added.

Phinma said PHINMA Education Holdings Inc. posted profit of P1.19 billion over P5.44 billion in revenues.

PHINMA CMG composed of Union Galvasteel Corp. (UGC), Philcement Corp. and PHINMA Solar Corp. logged combined revenues of P13.27 billion and a combined net income of P430.95 million.

“UGC’s sales volume grew as construction activities rebounded in the second half of 2023,” the company said.

“PHINMA Solar also secured 58 projects, totalling 9.39mWP in the government’s Green Energy Auction Program – making it the only company to successfully bid in the solar rooftop segment,” it added.

PHINMA said Philcement implemented various cost-saving initiatives and strategic pricing amid the highly competitive environment.

“With the Philippines’ growing housing backlog, PHINMA Properties is setting sights on building sustainable communities for Filipinos,” the company said.

 

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