PHINMA Education Holdings, Inc. (PEHI), the education services subsidiary of PHINMA Corporation, booked a 30 percent growth in consolidated net income to P532 million in fiscal year ending March 31, 2020 from P410 million last year.
In a statement, the firm said the combined net income of its seven schools was P800 million with revenues of P2.9 billion.
The higher net income comes from a 24 percent increase in total freshman enrollment and a 7 percent increase in total enrollment, bringing the total number of students to 75,375 across the network.
PHINMA Education owns and operates seven schools in the Philippines and manages one in Karawang, West Java, Indonesia. Its most recent acquisition is PHINMA Republican College in Quezon City last December.
“Our mission is to bring quality education to large populations of underserved youth who need it the most,” said PHINMA Education President and CEO Dr. Chito B. Salazar.
He added that, “We want to make their lives, and their families’ lives, better through education. These numbers reflect the commitment in the work that we are doing and the trust that we have earned from our growing number of students and their parents.”
PHINMA Education is projected to continue to grow as it deploys the P1.87 billion in fresh capital from its partnership with private equity firm Kaizenvest, Dutch lender FMO, and the Asian Development Bank (ADB) to fund its expansion plans.
“We want to reach as many underserved students as we can, not just in the Philippines but in Southeast Asia. To this end, we are establishing a Metro Manila network, opening a branch campus in San Jose City, Nueva Ecija, and looking at two more schools in the Philippines and another in Indonesia. We are confident that we can maintain the promising results of our graduates across the network,” Salazar said.
PHINMA Education has an 80 percent average first-time passing rate for licensure exams with some 81 percent of students getting hired a year after graduation. It has produced 94 board exam topnotchers since its inception in 2004.
“Our strength is in putting our students first. We are constantly improving the way we deliver learning and empowering our teachers to become better at their craft. Beyond our net profits, our good licensure exam and employability results indicate the vast potential of our underserved students. And we are ready to help them achieve their goals, especially beyond this pandemic,” Salazar noted.