PHINMA Corp. Expects Further Growth as Consolidated Revenue increases 8% Year on Year
PHINMA Corporation conducted its 2021 Annual Stockholders Meeting last Wednesday, 14 April, striking an optimistic tone as its President and Chief Executive Officer, Ramon R. del Rosario Jr., cited promising developments for economic recovery and growth including the start of the nationwide vaccine rollout, the Bayanihan 3 government program and the passing of the CREATE tax reform law. “These programs will be good for our nation and for our businesses that are strategically positioned to enable the growth of the Philippines,” said Ramon R. del Rosario Jr. in concluding his 2020 report.
Consolidated revenue of PHINMA Corporation amounted to P12.3 billion, an 8% increase over the previous year due to record revenues from its Construction Materials Group which was aided by the efficient operation of its new Mariveles cement facility and higher market acceptance of its steel and cement products. Consolidated net income in 2020 amounted to P522 million, an increase from P437 million in 2019.
PHINMA Education Holdings, Inc. (PHINMA Education), a growing network of tertiary institutions that makes lives better by providing accessible education, successfully piloted two remote learning models, Flex Learning and Remote and Distance (RAD) Learning, to respond to the needs of different sectors of the market during this pandemic. Enrollment was strong with 71,659 students in the first semester, 97% of the previous school year. PHINMA Education acquired PHINMA Rizal College of Laguna in August, 2020, its eighth school in the Philippines and the first in a planned Laguna network.
PHINMA’s Construction Materials Group (PHINMA CMG), which is composed of Philcement Corporation, Union Galvasteel Corporation (UGC) and PHINMA Solar Energy Corporation recorded record revenues of P10.1 billion and combined net income of P917 million in 2020. PHINMA remains optimistic of future growth as in the words of Mr. del Rosario, “Despite the decline in the construction industry during the pandemic, the industry is poised for a recovery over the next few years, and we view the construction sector as one of the key drivers of the country’s growth and economic recovery.”
Mr. del Rosario also announced that PHINMA Corporation plans to issue a bond of at least P2 billion within the year with the proceeds largely intended for investments that will accelerate growth in Strategic Business Units where PHINMA has a competitive advantage and where it can make a significant social impact.
Mr. del Rosario cited as well the corporation’s renewed commitment toward incorporating a strategic and business risk mindset to further enhance value and the delivery of key objectives. “Fundamental to this is our investment in businesses that continue to provide innovative and essential businesses and services so that Filipinos may live dignified lives,” Mr. del Rosario stressed as he highlighted the corporation’s drive for agility.
It was also announced at the 2021 meeting that Dr. Meliton Salazar, President and CEO of PHINMA Education, is being appointed as Chief Operating Officer, concurrent to his position with PHINMA Education. Dr. Salazar started and has expanded PHINMA’s education business which began with its first school acquisition in 2004 and now boasts enrollment of 71,659 students in the Philippines as well as managing STMIK and STIKES Kharisma in East Java, Indonesia. He takes over from Roberto Laviña who is set to retire from the corporation after 45 years of committed service and excellent management. Mr. Laviña will continue to serve on PHINMA Corporation’s Board of Advisors.
Dr. Salazar was also appointed to the Board of Directors of PHINMA Corporation, along with Mr. Eduardo Sahagun. Mr. Sahagun is the President and CEO of PHINMA’s Construction Materials Group and has grown it to record levels despite the pandemic in 2020.
PHINMA Corporation will continue to grow its core businesses while actively seeking opportunities to support Filipinos through products that will uplift the Philippines. “We at PHINMA are more committed than ever to our mission of making lives better. We accomplish our mission through the businesses that we are in, providing goods and services that are essential to our nation’s development. For our 65 year history, our focus has been on nation-building and making lives better as exemplified in our investments that allow us to provide accessible, quality education, comfortable and secure homes, safe and durable infrastructure as well as safe lodging for travelers. This same focus anchors us and will enable PHINMA to continue growing this year and in future years.” said Mr. del Rosario.