The education unit of Phinma Corp. posted a 30% improvement in net income in its fiscal year ending March 2020 as it accommodated a 7% larger volume of students in the last academic year.
In a statement on Tuesday, Phinma Education Holdings, Inc. said it booked a net income of P532 million during the 12-month period, up from P410 million in the last financial year. Revenues from the seven schools in its network stood at P2.9 billion.
The growth was attributed to the surge in freshman enrollment, which expanded 24% year on year to push total enrollment up 7%.
“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 President and CEO Chito B. Salazar said in the statement.
This year, Phinma Education added a new school to its network, Rizal College of Laguna, Inc., which it bought in July. It now owns eight schools in the Philippines, the others being Phinma-Araullo University, Phinma-Cagayan de Oro College, Phinma-University of Iloilo, Phinma-University of Pangasinan and Phinma Upang College of Urdaneta, Phinma-Saint Jude College, Phinma-Republican College and Southwestern University-Phinma.
Phinma Education also operates one school in Indonesia and a training institution in Myanmar.
“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,” Mr. Salazar said.
Phinma Education is the largest business in the Phinma group and is being eyed for public listing in two to three years. Other businesses in Phinma’s network are construction, property, hospitality and consulting.
Phinma booked a P38.28-million attributable net loss in the first half of 2020, a turnaround of its P27.84-million attributable net income last year, as it suffered from the effects of the coronavirus pandemic and the subsequent lockdown measures.
Shares in Phinma at the stock exchange slid 10 centavos or 1.11% to close at P8.90 each on Tuesday. — Denise A. Valdez