PHINMA Corporation details successes and future plans at Annual Shareholders’ Meeting

PHINMA Corporation gathered its top executives and stakeholders to celebrate the Group’s 2023 successes and discuss its plans and projections for 2024 at this year’s Annual Shareholders’ Meeting, held last April 23, 2024, Tuesday, at The Fifth at Rockwell Events Hall, Makati City.

“PHINMA reported consolidated revenues of 21.27 billion pesos, climbing 20% from the year prior. We also posted a consolidated core net income of 1.67 billion, a 40% annual increase amid challenges here and around the world,” said PHINMA Corporation Chairman and CEO Ramon R. del Rosario, Jr.

Del Rosario attributed the group’s strong financial performance to the joint efforts of its strategic business units (SBUs).

PHINMA Education Holdings Inc. (PHINMA Education), one of the largest private education networks in Southeast Asia, saw sustained growth and a record-breaking enrollment of 146,546 students, or an 18% increase for Academic Year 2023-2024. PHINMA Education posted consolidated revenues of ₱5.44 billion and consolidated net income of ₱1.19 billion.

For 2024, PHINMA Education is looking to expand further in Southeast Asia, having already made headway in Indonesia through Horizon University. Dr. Chito B. Salazar, PHINMA Corporation President and COO and PHINMA Education President and CEO, said they “are in talks with other locations in Indonesia, which is our current priority. Cambodia, Laos, and Vietnam, it is still something we are exploring.”

PHINMA Construction Materials Group (PHINMA CMG) also reported a successful 2023 through its subsidiaries, with a combined revenue of ₱13.27 billion and a combined net income of ₱430.95 million. Philcement Corporation recently secured a strategic partnership with Petra Cement Inc. in Mindanao. PHINMA Solar Energy Corporation, meanwhile, posted its highest revenues to date, as well as being the only successful bidder for solar rooftops in the government’s Green Energy Auction Program.

“Union Galvasteel’s entry into insulated panels and our growing involvement in the development of cold storage facilities is our contribution to improving food security within the country,” said PHINMA CMG President and CEO Eduardo A. Sahagun.

PHINMA Property Holdings Corp. (PHINMA Properties) capped off 2023 with multiple projects in the pipeline, specifically the launch of PHINMA Maayo Tugbok, the organization’s first horizontal housing project in Mindanao. Furthermore, PHINMA Properties has also started construction of its first-ever mixed-use township complex in Bacolod City. It recorded consolidated revenues of ₱2.52 billion, and a consolidated net income after tax of ₱114.12 million.

For 2024, PHINMA Properties aims to explore the provision of socialized housing to the underserved and low-income sector. “What we hope to do is develop a successful model for this, finding a balance between serving our mission of making lives better and compliance with the price ceiling for these properties as set by the government,” said President and CEO of PHINMA Properties, Raphael B. Felix.

Finally, PHINMA Hospitality, Inc. (PHINMA Hospitality) has taken advantage of the uptick in domestic travel through its Microtel by Wyndham and TRYP by Wyndham brands. Microtel by Wyndham Mall of Asia, also known as Coral Way City Hotel Corporation, PHINMA Hospitality and PHINMA Microtel for the year was at ₱26.56 million. The organization is also currently working on a TRYP condotel project in partnership with Damosa Land, Inc. in Samal Island, Davao.

This year, President and CEO of PHINMA Hospitality Jose Mari del Rosario is looking at expansion, pushing for more franchising opportunities for the Microtel brand, as well as a Visayas venture for TRYP. “This will, in effect, disperse the locations of Microtels in the countryside where they are much needed,” said del Rosario.

Edmund Alan A. Qua Hiansen, Chief Financial Officer of PHINMA Corporation, estimates a capital expenditure of ₱4.48 billion for 2024, a more or less 50% increase from the previous year’s figure of ₱3 billion.

“We expect very healthy growth as these expansion plans come together,” said Qua Hiansen.