PHINMA Corp., a diversified investment company headed by businessman Ramon Del Rosario, has allocated P4.5 billion in capital investment for the current year to sustain growth and fund the expansion of its various business units.
"Our education business takes up about half of the total budget and about P1.75 billion is allocated for the property sector. The P500 million is divided between hospitality, Phinma Corp., and construction materials," Phinma chief financial officer Edmund Alan Qua Hiansen said in an interview on Tuesday.
Phinma will cover its capital needs through a combination of debt and equity.
Particularly, Phinma Properties, the real estate arm of the group, plans to utilize last year's collections, ranging between P1.3 billion to P1.4 billion, as part of its funding source.
In 2023, Phinma experienced the most successful enrollment period in its educational division, which contributed to a substantial increase in profits, reaching P1.63 billion.
Compared to the previous year, Phinma's net income grew by seven percent, rising from P1.53 billion in 2022.
This growth was primarily driven by the full resumption of face-to-face schooling, which increased enrollment.
Phinma's revenue also experienced significant growth, expanding by a fifth from P17.7 billion to P21.27 billion.
This growth was primarily attributed to the improved performance of the education division, while the construction division maintained its steady contribution.
For this year, the company is expecting to deliver a "healthy growth."
"We do not share profit guidance but as you know, all our businesses are very robust and energetic and we expect a stronger top line," Qua Hiansen said.
