Phinma Corp. to spend P3 billion as capital expenditures this year, up from P1 billion last year.
Eduardo Sahagun, president at the group’s construction materials group, said more than P1 billion will be allocated to its schools division while P500 million will go to the insulated panel plant in Pampanga.
With an annual capacity 1 million square meters, the facility will be the biggest in the country, Sahagun said.
The factory will break ground by the end of the year and will be operational by end-2024 or early 2025.
Sahagun said the factory will cater to cold chain industry, to residential owners, hospitals, operating rooms, to data centers as computers needs to be cooled down at certain temperatures.
Phinma closed 2022 with a profit of P1.5 billion, down 18 percent from P1.87 billion the prior year.
Revenue hit P17.7 billion, up 10 percent from P16.09 billion the prior year.
