Phinma earnings shrink 66% in 2024 on higher costs

MANILA, Philippines – Conglomerate Phinma Corp. took a hit from higher costs and weak property demand last year. This resulted in a 66.37-percent slide in earnings to P279.55 million.

In a stock exchange filing on Tuesday, the company led by businessman Ramon del Rosario Jr. said revenues rose by 11.7 percent to P23.8 billion.

“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 chair and CEO del Rosario said in a statement.

READ: Phinma enters socialized housing

Phinma Education Holdings Inc.’s net income was flat at P1.19 billion, while revenues jumped by 17 percent to P6.39 billion as enrollment grew to an all-time high.

During the school year 2024 to 2025, enrollment rose by 12 percent to 163,854 students across Phinma’s schools in the Philippines and Indonesia.

Last year, the company announced plans to expand its education unit via KKR. The global private equity firm made an initial P2.52-billion investment into Phinma Education.

The initial remittance represented 70.22 percent of KKR’s P3.59-billion total investment to buy new shares.

Meanwhile, the construction materials group under UGC, Philcement Corp. and Phinma Solar Energy Corp. saw its net income plunge by 81 percent to P80.64 million on rising input costs and heightened market competition.

The segment reported 7.8-percent uptick in revenues to P14.3 billion on improved sales and production capabilities.

Phinma said UGC had restated its 2023 financial report due to line item errors.