Education and cement boost PHINMA Corporation’s performance
Makati City, 13 November 2019
For the nine-month period ended September 30, 2019, consolidated net income of PHINMA Corporation (PHINMA) rose 37% to P312 million compared to income of P227 million in the first nine months of 2018. Consolidated revenues during this period increased by 20% year-on-year to P8.4 billion due to significant increase in cement sales and higher enrollment in the schools. Net income attributable to equity holders of the parent amounted to P184 million as compared to P136 million in the first nine months of 2018.
PHINMA Education Holdings, Inc. (PHINMA Education), PHINMA’s education holding company, posted record enrolment of 74,187 students for School Year 2019-2020, higher by 6% compared to School Year 2018-2019, resulting in a 9% consolidated revenues increase to P2.0 billion in the first nine months of 2019. In November, PHINMA Education expects a P1.25 billion infusion by Kaizen Private Equity II Pte. Ltd. (Kaizen) and the Netherlands Development Finance Company (FMO) as well as another P325 million from local investors to fund expansion in the Philippines and ASEAN that complement PHINMA Education’s growth aspirations.
PHINMA’s vehicle to return to the cement industry, Philcement Corporation (Philcement), posted significant revenues expected to accelerate further with the upcoming commissioning of its cement processing terminal as well as the takeover of pier facilities and land in Mariveles, Bataan.
In September, PHINMA Corporation also announced the signing of a Term Sheet for a $50 million investment in Song Lam Cement JSC (Song Lam) via Convertible Preferred Shares. Song Lam is the largest privately-owned cement plant in Vietnam and the investment proceeds will be used to double capacity to 24,000 tons of clinker per day by the end of 2021. The plant is focused on exports and will be the main supplier of Philcement Corporation, further strengthening PHINMA’s re-entry into cement distribution in the Philippines.
At the November 11, 2019 meeting of the Board of Directors of PHINMA, the Board approved the declaration of a special dividend of P0.40 per share with a record date of November 25, 2019 and a payment date of December 9, 2019.
PHINMA Corporation is a public company listed with the Philippine Stock Exchange (PSE) under the trading symbol PHN. PHINMA Corporation has investments in Education, Construction Materials, Property Development and Hospitality.