Growth in Challenging Times
PHINMA Corporation CY 2020 Results of Operations
March 3, 2021
In 2020, PHINMA Corporation continued to make lives better by prioritizing the well-being of our people and our nation. With our emphasis on managing sustainable businesses that support nation-building, we continued to provide essential products and services. As a result, consolidated revenues of PHINMA Corporation grew 8.8% year-on-year to Php 12.32 billion for 2020 on the back of revenue growth in the Construction Materials Group (CMG).
Consolidated net income also improved to Php 521.94 million from Php 437.12 million in 2019. Net income attributable to shareholders of the parent stood at Php 172.6 million. The Construction Materials Group (CMG) posted revenue of Php 10.14 billion in 2020, a growth of 23.2% from Php 8.22 billion in 2019. Net income for the group amounted to Php 913.9 million.
PHINMA Education Holdings, Inc. (PHINMA Education), the Corporation’s education holding company, posted a modest net income of Php 14.3 million for the year despite the impact of the COVID-19 pandemic. Revenue of PHINMA Education declined 28% to Php 2.10 billion, since no revenue was booked from April to the start of classes on August 24. Enrollment nevertheless remained strong despite a slight drop of 3.5% from 74,224 students in School Year 2019-2020 to 71,759 students in School Year 2020- 2021.
PHINMA Property Holdings Corporation (PPHC) revenues increased to Php 1.96 billion in 2020 from Php 1.93 in 2019. Gross profit margins improved to 44% from 39% in 2019 due to higher selling prices, allowing PPHC to post modest net income. PHN equitized net income of Php 3 million from PPHC for the year.
Coral Way City Corporation, which owns and operates the Microtel and Tryp hotels in Mall of Asia, continued to be heavily affected by the implementation of quarantine protocols but cash from operations continued to be positive. Bookings from Business Process Outsourcing companies within the Mall of Asia complex, shipping companies, and requirements of the Overseas Workers Welfare Administration partially mitigated the revenue shortfall.
As of December 31, 2020, assets and total stockholders equity of PHINMA Corporation amounted to Php 24.5 billion and Php 8.6 billion, respectively.
“For 65 years, our focus on nation-building and making lives better has allowed us to provide our people accessible quality education, comfortable and secure homes, durable infrastructure, as well as safe lodging for travelers. This same focus is what will enable PHINMA to continue to grow this year and in the coming years,” said Ramon del Rosario, Jr., PHINMA President and CEO.
PHINMA CORPORATION
CY 2020 Results of Operations