PHINMA Corp. said Thursday it began 2024 with consolidated revenues of P5.45 billion in the first quarter of 2024, up by 14 percent from P4.78 billion registered from January to March last year.
The company also reported a consolidated net income of P490.9 million, along with a core consolidated net income of P448.29 million.
The strong performance from PHINMA Education primarily drove the group’s first-quarter results. PHINMA Construction Materials Group (PHINMA CMG) also sustained positive figures despite challenges in the industry.
PHINMA Properties cut down its marketing costs to help its bottom line, while the hospitality business logged improvements in occupancy and average daily rates in the first three months of 2024.
PHINMA Education Holdings Inc. owns nine schools in the Philippines and manages one in Indonesia which gained full university status last year.
PHINMA Education recorded P1.877 billion in consolidated revenues in the quarter—up 26 percent year-on-year due to robust enrollment growth, as second semester figures for School Year 2023-2024 also rose 14 percent from the same period last year.
Improved collection efficiency also brought down provisions for expected credit losses. These all led to PHINMA Education posting a consolidated net income of P701.38 million from January to March.
PHINMA CMG, composed of Union Galvasteel Corp. (UGC), Philcement Corp. (Philcement) and PHINMA Solar Energy Corp., logged combined revenues of P3.05 billion and a combined net income of P27.71 million in the three-month period.
The group continued facing hurdles in the quarter amid a challenging macroeconomic environment, which included a stronger US dollar and elevated interest rates.
UGC saw higher sales volumes growth with commercial construction projects and residential expansions in full swing. Philcement also began regaining momentum after a sluggish January, but remained challenged given the tight competitive environment.
It also began producing and selling its product Union Cement from the Petra Cement facility in Zamboanga del Norte after concluding talks with Petra Cement last year.
Meanwhile, PHINMA Solar started preparatory activities such as applications for incentives for the installation of the 58 projects the company secured during the second Green Energy Auction Program (GEAP II).
