Home Top News Phinma says education unit drives slight growth in Q1 income

Phinma says education unit drives slight growth in Q1 income

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PHINMA Corp. saw a slightly higher first-quarter net income of P229.57 million compared with P227.37 million last year, driven by the performance of education unit.

“We entered 2024 with optimism, as our education, construction materials, property development, and hospitality businesses built on investments and best practices from the previous year,” PHINMA Chairman and Chief Executive Officer Ramon R. del Rosario, Jr. said in a statement on Thursday.

“We are challenging our business units to do in their sectors, starting with housing, what we are doing in education in serving the needs of the underserved,” he added.

For the first quarter, the company’s top line climbed by 14% to P5.45 billion, its financial statement showed.

Phinma’s first-quarter combined expenses went up by 14.7% to P4.61 billion from P4.02 billion in the comparable period a year ago.

The company said the growth of Phinma Education Holdings, Inc. and the performance of Phinma Construction Materials Group lifted the company’s earnings.

For the first quarter, Phinma Education recorded P1.88 billion in consolidated revenues, a 26% increase compared with the same period a year ago, driven by increased enrollment figures.

Phinma CMG composed of  Union Galvasteel Corp. (UGC), Philcement Corp. (Philcement), and PHINMA Solar Energy Corp. (PHINMA Solar) recorded a combined net income of P27.71 million and gross revenues of P3.05 billion. 

“All these we continue in line with our call to use business as a force for good, as a means to improve lives and the nation as a whole,” Mr. Del Rosario said. 

At the stock exchange on Thursday, shares in the company closed unchanged at P20 apiece. — Ashley Erika O. Jose

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