DEL ROSARIO-LED PHINMA Corp. said its attributable net income fell by 66% to P279.55 million in 2024 from P831.27 million in 2023, as losses from its property business and expansion-related expenses weighed on earnings.
Consolidated net income declined to P936.87 million in 2024 from the restated P1.5 billion in 2023, PHINMA said in a regulatory filing on Tuesday.
PHINMA reported lower retained earnings for 2023 after securing approval from the Securities and Exchange Commission to restate its financial statements, following a self-initiated review by steel subsidiary Union Galvasteel Corp. (UGC).
“For calendar year 2023, PHINMA restated its financial report after UGC identified certain adjustments needed to correct specific line items resulting from the inconsistent application of certain accounting policies. These one-off, non-cash adjustments reduced 2023 consolidated net income by P128.92 million and retained earnings at the start of the year by P893.48 million,” the conglomerate said.
Consolidated revenue grew by 11.7% to P23.76 billion in 2024 from P21.27 billion in 2023, driven by the growth of its business units.
“PHINMA’s continued sales growth has positioned the group to benefit from margin optimization when our expansion projects are fully implemented,” PHINMA Chief Financial Officer EJ A. Qua Hiansen said.
The education segment, led by PHINMA Education Holdings, Inc., generated P1.19 billion in net profit in 2024, as revenue rose by 17% to P6.39 billion. Total enrollment increased by 12% to 163,854 students across its network in the Philippines and Indonesia for school year 2024–2025.
The PHINMA Construction Materials Group recorded a combined net income of P80.64 million, supported by higher-margin products and broader sales channels, amid elevated input costs and intensified market competition. Total revenue reached P14.3 billion on improved sales and production capacities. The group includes UGC, Philcement Corp., and PHINMA Solar Energy Corp.
PHINMA Property Holdings Corp. (PHINMA Properties) posted a net loss of P98.28 million, due to lower sales volume, higher interest expenses, and expansion costs. Revenue reached P2.34 billion.
“The decline is also attributable to upfront expenses related to expansion projects, the timing of revenue recognition, and the implementation of new significant financing component accounting standards. The unbooked revenues will be recognized as construction progresses,” PHINMA said.
PHINMA Properties expects continued gains from developments such as its 21-hectare Saludad township in Bacolod, as well as opportunities in the socialized housing sector through its newly organized corporate vehicle, PHINMA Community Housing Corp.
The hospitality segment generated a total net income of P65.58 million and combined revenue of P591.63 million, driven by sustained demand from conventions, events, and corporate bookings. PHINMA operates in the hospitality industry through Coral Way City Hotel Corp., PHINMA Hospitality, Inc., and PHINMA Microtel Hotels, Inc.
“We will keep harnessing strengths and synergies among our businesses, all while pursuing new ventures in fields like community housing which directly cater to the daily needs of our underserved countrymen,” PHINMA Chairman and Chief Executive Officer Ramon R. del Rosario, Jr. said.
PHINMA shares were unchanged at P18.08 apiece on Tuesday. — Revin Mikhael D. Ochave
