PHINMA Corporation Reported P609 Million in Net Income for 9M24

PHINMA Corporation's consolidated revenues surged to P6.61 billion for the third quarter of the calendar as the Company pursues more initiatives seeking to improve the lives of Filipinos. Net income attributable to equity holders of the parent was at P144.9 million during the said timeframe. Consolidated revenues rose to ₱16.98 billion for the nine months ended September 30, 2024 while consolidated net income was at P609.13 million.

​Net income attributable to shareholders of the parent at P122.73 million for the same period. While this is down from the same period last year due to lower selling prices and higher operating costs, interest expense and tax, it is a turnaround from the net loss attributable to equity holders of the parent in the first half of P22.1 million.
 
"The Group is seeing gradual improvement in our figures as our business investments take more shape. The commitment to making lives better remains steadfast even as we navigate through these headwinds. We continue to challenge our business units to directly cater to the underserved in their respective industries, as we have been doing in education," said PHINMA Chairman and Chief Executive Officer Mr. Ramon R. del Rosario, Jr.
 
PHINMA Education Holdings, Inc. (PHINMA Education) reported revenues of P4.71 billion for the first nine months of 2024, improving from P3.96 billion as of September 2023. Net income attributable to shareholders of the parent also rose to P898.19 million. Enrollment growth drives PHINMA Education's performance-first­ semester enrollees for School Year (SY) 2024-2025 climbed by 12% to 163,854 compared to the prior school year. Beyond enrollment numbers, PHINMA Education is committed to delivering quality education: the company registered an 84% overall board passing rate with 31 board exam topnotchers in various fields for SY 2023-2024.
 
The PHINMA Construction Materials Group (PHINMA CMG), comprised of Union Galvasteel Corporation (UGC), Philcement Corporation (Philcement), and PHINMA Solar Energy Corporation (PHINMA Solar), generated combined revenues of P10.50 billion for the nine-month period. Meanwhile, combined net income for the three business units was recorded at P158.14 million. PHINMA CMG achieved positive financial results despite the competitive environment due to effective cost management strategies and sustained demand from commercial and residential projects.
 
PHINMA Property Holdings Corp. (PHINMA Properties) posted P1.11 billion in revenues from January to September. While it also recognized a net loss of P387.85 million, the company remains focused on expanding its footprint beyond Metro Manila in locations like Bacolod, Cebu, Davao, and Batangas. PHINMA Properties' flagship project is Saludad, a 21-hectare master-planned township located in Bacolod which features the Group's other business offerings. The financial performance is expected to improve as declining interest rates should boost demand and as construction progresses.
 
Coral Way City Hotel Corporation (Coral Way), PHINMA Hospitality, Inc., and PHINMA Microtel Hotels, Inc. posted combined revenues and net income of ₱435.34 million and P30.90 million, respectively, in the first three quarters of 2024. The figures were driven by higher chainwide occupancy rates and average daily rates due to improving tourist and business demand.

"PHINMA will build on realized gains as we gear our business operations towards strong, sustainable growth and improved efficiencies. The Group's efforts to capitalize on synergies among our units and pursue new ventures in fields like food security, socialized housing, and the green industry will allow us to directly serve more Filipino families and communities," said PHINMA President and Chief Operating Officer Dr. Chito B. Salazar.
 
As of the nine-month period ended September 30, 2024, PHINMA Corporation had cash and cash equivalents of P3.21 billion, consolidated total assets of P48.72 billion and total stockholders' equity of P9.72 billion. Core net income attributable to shareholders of the parent was at P81.50 million.
 
Last October, PHN secured the regulatory approvals for its P1-billion stock rights offering (SRO). The SRO, which will tentatively be listed on November 27, will enhance PHN's capacity to support the initiatives of its strategic business units while fortifying its balance sheet. PHINMA Education also received the initial investment amount of P2.52 billion from leading global investment firm KKR through its investment vehicle of funds Phoenix Investments II Pte. Ltd.