PHINMA Corporation Reported a PHP 1.63 Billion Net Income in 2023

With consolidated revenues of P21.27 billion at the close of 2023—a 20% increase over 2022—PHINMA Corporation (PHN) had a successful year. Motivated by its enterprises dedicated to improving the lives of Filipinos, PHN also revealed that its consolidated core net income increased by 40% on a yearly basis to P1.67 billion. From P1.53 billion in 2022 to P1.63 billion in 2023, the combined net income increased.​

The consistent growth of PHN's education business, which saw enrollment growth, as well as the enhanced cost-efficiency efforts of the Construction Materials Group (PHINMA CMG) and PHINMA Property Holdings Corp. (PHINMA Properties), contributed to the company's outstanding financial performance last year. The hospitality industry also profited from the ongoing improvement in domestic travel and events, especially around the Mall of Asia.

PHINMA Education Holdings, Inc. (PHINMA Education) has not wavered in its resolve to offer high-quality education that is affordable to the majority of the population. PHINMA Education recorded its greatest enrollment for the first semester of School Year (SY) 2023–2024, with 146,546 students in the Philippines and Indonesia. This represents an overall 18% increase over the previous school year, along with cost savings on operations. In light of this, PHINMA Education reported P5.44 billion in combined revenues and P1.19 billion in consolidated net income for the 2023 calendar year.
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Over the course of the year, PHINMA CMG—which is made up of Union Galvasteel Corporation (UGC), Philcement Corporation (Philcement), and PHINMA Solar Corporation (PHINMA Solar)—reported P13.27 billion in total sales and P430.95 million in net income. In the second half of 2023, UGC's sales volumes increased in tandem with a recovery in construction activities. In addition, PHINMA Solar was the only company to successfully bid in the solar rooftop portion of the government's Green Energy Auction Program (GEAP II), securing 58 projects totaling 9.39 mWp. In the meantime, despite the fierce competition, Philcement kept up its customer service while planning for future expansion through the use of several cost-cutting measures and strategic pricing.
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PHINMA Properties is focused on developing sustainable communities for Filipinos in light of the country's mounting housing shortage. Moreover, PHN increased its stake in PHINMA Properties to 76.81% in July of last year from 40.10%. The company's P281.99 million consolidated net income for the second half of 2023 more than made up for the P63.87 million equitized net loss during the first half of the year.

Additionally, PHN acquired the shares of PHINMA Microtel and PHINMA Hospitality in July 2023. As a result, Coral Way, PHINMA Hospitality, and PHINMA Microtel combined to generate P26.56 million in net profits for the year. The amount includes Coral Way's P5.25 million equitized net income for the first half of 2023. The hotel chain benefited from the rebound in corporate reservations, meetings, and events at the Mall of Asia.
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During the period, the parent company's consolidated net income attributable to equity investors was P957.63 million, with a profit per share of P3.34. The parent company's core net income attributable to equity investors was P3.52 per share. At the end of the period, there was P2.91 billion in total cash and cash equivalents. In the meantime, total shareholders' equity was P10.70 billion and consolidated total assets were P43.48 billion.
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A regular cash dividend of P0.60 per share, payable on April 12, 2024, to shareholders on record as of March 25, 2024, has also been approved by the PHN Board of Directors. The payout ratio is 18%, and the dividend yield is 3%.

"Our stronger figures in 2023 prove that business can indeed be a force for good both for the general Filipino public and the company's stockholders," said PHINMA Chariman and CEO Ramon R. del Rosario, Jr. "Doing good business also means helping improve the lives of our countryment," Mr. del Rosario noted.

Meanwhile, PHINMA President and COO Dr. Chito B. Salazar emphasized the importance of strengthening synergies among businesses this year. "The improved coordination and cooperation among our units have allowed them to better maximize each other's efficiencies and complement each other's strengths. This will be crucial even in the years ahead," explained Dr. Salazar.