Del Rosario controlled-PHINMA Corporation posted a 40 percent jump in consolidated core net income to P1.67 billion last year while consolidated net income grew 6.5 percent to P1.63 billion from P1.53 billion in 2022.

In a disclosure to the Philippine Stock Exchange, the firm said its consolidated revenues rose 20 percent to P21.27 billion, boosted by the sustained growth of its Education business which continued to see enrollment growth.
The group’s performance also benefited from the improved cost efficiency efforts of the Construction Materials Group (PHINMA CMG) and PHINMA Property Holdings Corp. (PHINMA Properties). 
The Hospitality business also took advantage of the continued recovery in domestic travel and events, particularly in the Mall of Asia area. 

"Our stronger figures in 2023 prove that business can indeed be a force for good both for the general Filipino public and the company's stockholders," said PHINMA Chairman and CEO Ramon R. del Rosario, Jr.

He added that, "Doing good business also means helping improve the lives of our countrymen."

Meanwhile, PHINMA President and COO Dr. Chito B. Salazar emphasized the importance of strengthening synergies among businesses this year. 

"The improved coordination and cooperation among our units have allowed them to better maximize each other's efficiencies and complement each other's strengths. This will be crucial even in the years ahead," he said. 

PHINMA Education Holdings, Inc. reported that, for the first semester of School Year (SY) 2023-2024, it logged its highest enrollment at 146,546 students in the Philippines and Indonesia, an 18 percent overall increase compared to the previous school year while also achieving savings on operational costs. 

With this, PHINMA Education posted consolidated revenues of P5.44 billion and consolidated net income of P1.19 billion for calendar year 2023. 

PHINMA CMG, composed of Union Galvasteel Corporation (UGC), Philcement Corporation (Philcement), and PHINMA Solar Corporation (PHINMA Solar), logged combined revenues of P13.27 billion and a combined net income of P430.95 million for the 12-month period.

UGC's sales volumes grew as construction activities rebounded in the second half of 2023. PHINMA Solar also secured 58 projects, totaling 9.39 mWp, in the government's Green Energy Auction Program (GEAP II) — making it the only company to successfully bid in the solar rooftop segment. 

Meanwhile, Philcement continued to serve its customers while preparing for future growth by implementing various cost-saving initiatives and strategic pricing amid the highly competitive environment. 

PHINMA Properties’ consolidated net income for the second half of 2023 worth P281.99 million offset the equitized net loss of P63.87 million in the first six months of the year. 

July 2023 also saw PHINMA's acquisition of PHINMA Hospitality and PHINMA Microtel shares. This led to consolidated net earnings of P26.56 million for Coral Way, PHINMA Hospitality and PHINMA Microtel during the year. 

The figure includes the P5.25-million equitized net income of Coral Way during the first half of 2023, with the hotel chain benefitting from the resurgence of conventions, events and corporate bookings in the Mall of Asia area.