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Accelerated Growth Expected as PHINMA Corporation Ups Revenues by 45%
August 23, 2018

For the six-month period ended June 30, 2018, PHINMA Corporation’s revenues increased by 45% year-on year to P4.5 billion. PHINMA Corporation, President & CEO, Ramon R. del Rosario, Jr. noted that “The first half financial performance of PHINMA was significantly stronger than the same period last year” and that the corporation “will continue to strive to deliver positive results for our shareholders moving forward.”

Del Rosario explained that continuing strong growth is expected especially in the Education and Construction Materials businesses.

PHINMA Education’s consolidated revenues increased 14% to P1.1 billion in the first half of 2018, due to higher enrolment. In fact, for the 2018-2019 school year, enrolment level is at its highest with more than 70,000 students nationwide, a growth of 13% from the 2017-2018 school year. “Through this business, we are continuing our mission of making lives better by being the market leader in providing quality, affordable and accessible education to those most in need” Del Rosario further stressed.

PHINMA Corporation recently infused another P750 million into PHINMA Education in December. The proceeds were used to acquire a sixth school—St. Jude College Manila—and to purchase additional shares in Southwestern University in Cebu, bringing PHINMA Education’s share of Southwestern University to 84.34%.

In support of the Government’s Build, Build, Build initiative, PHINMA has focused on accelerating growth of its construction materials businesses. Revenues of subsidiary Union Galvasteel Corporation (UGC) increased 59% to P3.3 billion on higher sales of construction materials including cement sales, posting a net income of P135 million for the first half. Successful strategic expansion included additional wall and ceiling construction applications as well as additional geographic distribution networks in order to improve sales, yielding an increase of 31% from 3.87 million sheets sold in the first half of 2018 to 5.08 million sheets for the same period this year.

“Accelerated growth in our construction materials businesses is expected for the rest of 2018 and the coming years with our recent investment of P225 million in PhilCement Corporation,” Ramon del Rosario also highlighted. The investment partially funded construction of a 3 million ton cement terminal in Mariveles, Bataan, the largest in the country.

For its energy and property development businesses, Del Rosario explained that “management is working to address issues affecting our energy business which remains challenged due to the excess market supply environment and increased costs of excise taxes and fuels while our real estate affiliate, PHINMA Properties, has improved margins and was profitable in the first half of this year.”

Consolidated net income of PHINMA Corporation was at P87.5 million, more than triple the level for the same period in 2017. Consolidated net income attributable to equity holders of the parent amounted to P43 million, an increase from P1.3 million in the first half of 2017. PHINMA Corporation has a healthy balance sheet with cash and cash equivalents of P1.6 billion that are set aside for further expansion.

 




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