PHINMA Corp. Supports Economic Recovery with Strong 2021 Financial Performance
Diversified conglomerate, PHINMA Corporation, today reported continuing strong financial performance for the first half of 2021. PHINMA President & CEO, Ramon R. del Rosario Jr., explained that “by providing a reliable supply of high quality construction materials as well as continuing to deliver our brand of accessible, value for money education to more than 72,000 students nationwide despite the on-going COVID-19 pandemic, we have supported the country’s economic recovery and reaped improved financial performance at the same time.”
For the six-month period ended June 30, 2021, consolidated net income of PHINMA Corp. stood at ₱783.56 million from ₱58.01 million over the same period in 2020. Consolidated revenues grew 53.16% to ₱7.83 billion from ₱5.11 billion during the same period last year.
During the period, the company booked net foreign exchange gains of ₱47.90 million on dollar-denominated assets.
Consolidated net income attributable to equity holders of the parent amounted to ₱439.34 million for the first six months of 2021 from a net loss attributable to shareholders of the parent of ₱P38.28 million over the same period in 2020.
To further support its businesses, PHINMA is issuing a P3 billion bond with the funds earmarked for investments in its strategic business units, to refinance short term corporate debt and for general corporate purposes. The investments will prioritize construction materials and education projects that increase capacity and enhance efficiency.
PHINMA Corporation ended the period with cash and cash equivalents of ₱2.26 billion. As of June 30, 2021, consolidated total assets and total stockholders’ equity of PHINMA amounted to ₱26.21 billion and ₱9.09 billion, respectively.