Phinma group sets P4.5-billion capex for 2024
MANILA, Philippines — Conglomerate Phinma Corp. has earmarked P4.48 billion in capital expenditures (capex) this year, half of which will go toward its education business in the country.
Edmund Alan A. Qua Hiansen, chief financial officer of Phinma, announced this on Tuesday during the company’s annual stakeholders meeting in Makati
Other company executives also said that this year’s capex will be funded through a mix of debt and equity.
Asked about their growth prospects this year, Phinma chair and chief executive officer Ramon R. del Rosario Jr. expressed optimism for the company’s revenue generation potential this year.
“We feel we’re well-placed in all of the sectors where we’re operating. The outlook looks very bright, I think, in all of them. And therefore, we’re quite bullish as a group,” he told reporters during a press conference after the meeting.
In 2023, the del Rosario-led holding company’s consolidated revenues reached P21.27 billion, marking a 20-percent growth from the previous year.
READ: Phinma Education expanding school network
Also, Phinma’s consolidated core net income soared by 40 percent to P1.67 billion. Consolidated net income had also jumped to P16.3 billion from P1.53 billion in 2022.
Phinma CMG, which is composed of the Union Galvasteel Corp. (UGC), Philcement Corp. (Philcement), and Phinma Solar Corp. (PhinmaSolar), recorded combined revenues of P13.27 billion and a combined net income of P430.95 million in 2023.
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The conglomerate had also raised its ownership in its real estate arm, Phinma Properties, in July of last year to 76.81 percent from 40.1 percent.
Phinma Properties’ consolidated net income of P281.99 million during the second half of the year was also able to offset its equitized net loss of P63.87 million during the first six months of the year.
Phinma also built up its assets with the acquisition of Phinma Hospitality and Phinma Microtel shares.
These two, along with Coral Way City Hotel Corp., rang up a combined net earnings of P26.56 million last. INQ
