The PHINMA Group, a diversified conglomerate known for its strong corporate portfolio across education, construction materials, property development, hospitality, and community housing, has reported a notable 11.7% growth in consolidated revenues for the year ending December 31, 2024. With ₱23.76 billion in revenues, up from ₱21.27 billion in the previous year, the Group continues to demonstrate resilience despite a challenging market landscape.
PHINMA Chairman and CEO, Ramon R. del Rosario, Jr., emphasized the Group’s commitment to leveraging its synergies across its businesses while exploring new ventures aimed at addressing the needs of underserved communities, specifically in the realm of socialized housing.
“We are excited to continue executing our pipeline of projects that will improve lives, especially in areas where support is most needed. Our investments in key sectors, along with our expanded portfolio, position us to make a greater impact in the years ahead,” del Rosario said.
Key Financial Highlights:
- Consolidated Revenues: ₱23.76 billion, up 11.7% from ₱21.27 billion in 2023
- Consolidated Net Income: ₱936.87 million, down from ₱1.50 billion in 2023
- Net Income Attributable to Equity Holders of the Parent: ₱279.55 million, a decrease from ₱831.27 million in 2023
Balance Sheet Strengthened: Following a ₱1-billion stock rights offering and a ₱2.52-billion investment from global private equity firm KKR into PHINMA Education, the company’s balance sheet remains strong and well-positioned for growth.
PHINMA CFO EJ A. Qua Hiansen stated, “The Group’s sustained revenue growth, combined with strategic financial initiatives such as equity funding and reinvestment in our core businesses, has paved the way for us to optimize our margins as our expansion projects come online.”
Strong Performance from Strategic Business Units
PHINMA Education Holdings, Inc. (PHINMA Education): Reported revenues of ₱6.39 billion, an increase of 17% from the previous year. The education arm also achieved an enrollment growth of 12%, expanding its reach to 163,854 students across the Philippines and Indonesia for SY 2024-2025. PHINMA Education boasts an 88% overall board passing rate and 25 board topnotchers in 2024.
PHINMA Construction Materials Group (PHINMA CMG): The Group’s construction materials division, consisting of UGC, Philcement, and PHINMA Solar, posted combined revenues of ₱14.30 billion. Despite rising input costs, the Group delivered a combined net income of ₱80.64 million, driven by enhanced production capabilities and a focus on higher-margin products.
PHINMA Properties: Recorded revenues of ₱2.34 billion. While the company reported a net loss of ₱98.28 million, primarily due to lower sales volumes and increased interest costs, it remains optimistic about its ongoing projects, including Saludad, a 21-hectare township development in Bacolod, which is expected to drive future growth.
PHINMA Hospitality Group: Coral Way City Hotel Corporation, PHINMA Hospitality, and PHINMA Microtel Hotels saw combined revenues of ₱591.63 million and net income of ₱65.58 million. The segment’s performance was boosted by sustained demand from conventions, events, and corporate bookings, as well as the opening of a new TRYP by Wyndham Hotel Project in Samal Island, Davao.
Advancing in Socialized Housing
In line with its mission to enhance the quality of life for underserved communities, the PHINMA Group is setting its sights on the socialized housing sector through the newly formed PHINMA Community Housing Corporation. This new initiative will be the Group’s primary vehicle to address the growing demand for affordable housing in the Philippines.
“PHINMA’s expansion into community housing is a reflection of our commitment to creating sustainable communities that cater to the daily needs of the underserved. We aim to not only provide shelter but to enrich lives through integrated, community-focused developments,” said del Rosario.
Strengthened Financial Position
Despite a restatement of its 2023 financials, PHINMA has reinforced its internal controls and finance team. The restatement, which resulted from certain adjustments identified by PHINMA’s subsidiary UGC, corrected inconsistencies in accounting policies and reduced retained earnings. Moving forward, UGC has undertaken measures to improve its operations, including the appointment of Gil Amilbangsa as the new Chief Operating Officer.
As of December 2024, PHINMA’s book value per share increased to ₱27.76, up from ₱23.29, driven by new equity investments and a stronger balance sheet. The company reported ₱3.10 billion in cash and cash equivalents and total assets amounting to ₱53.86 billion.
Looking Ahead
With its diversified portfolio, a strategic focus on key sectors, and a renewed commitment to social impact, PHINMA is poised to continue its growth trajectory while improving the lives of Filipinos across the nation.
“We are confident that our well-positioned business units and new ventures will allow us to not only sustain our performance but also create long-term value for all our stakeholders,” concluded del Rosario.
