THE educational unit of Phinma Corp. has tripled its net income for the first half of the year on the back of higher enrollment figures.
In a statement on Thursday, Phinma Education Holdings, Inc. said its consolidated net income tripled to P307.47 million versus P96.88 million a year ago.
“Increase in costs and operating expenses to support the increase in enrollment and face-to-face classes were offset by lower credit loss provisions as a result of higher collection efficiencies,” the company said.
According to Phinma Education, it logged a 30% increase in second-semester enrollment compared with the same period last year.
“This resulted in a 52% year-on-year growth in revenues for the first half of 2023,” the company said.
The company recently opened Phinma Cagayan de Oro College Iligan campus, Phinma Araullo University San Jose Campus in Nueva Ecija, and a new dentistry building at Southeastern University Phinma, Cebu City.
It also finished renovations in Phinma Saint Jude College Quezon City, Phinma Rizal College of Laguna, and Horizon Karawang in West Java, Indonesia, while another new building is underway at Phinma University of Pangasinan.
Phinma Education has 10 schools with more than 124,000 students. The company claims to have a 79.06% passing rate for first-time takers across various licensure exams, while 71% of graduates are employed within one year after graduation.
“This year is a convergence of our model continuing to show promise, the growing need for the services we provide, and our business doing well on all aspects. We hope to be able to reach more and more underserved students who need quality education the most, so that they can uplift themselves, their families, and communities,” Phinma Education President and Chief Executive Officer Chito B. Salazar said.
Shares of Phinma Corp., the parent firm of Phinma Education, were last traded on Aug. 30 when they finished at P20.30 apiece. — Revin Mikhael D. Ochave