PHINMA EDUCATION Holdings, Inc. is eyeing expansion into Vietnam by 2027 as the educational provider seeks to widen its international presence.
“We’re hoping we can enter Vietnam by 2027,” PHINMA Education President and Chief Executive Officer Chito B. Salazar told reporters on the sidelines of the Ramon V. del Rosario (RVR) Siklab Awards on Monday.
“(It is) most likely (an) acquisition. That’s our style. We were told by our investors, KKR, that they’re most interested in investment in Vietnam. Mainly tertiary schools, mainly low-income (focused),” he added.
In October last year, KKR-managed Phoenix Investments II Pte. Ltd. completed its P2.52-billion initial investment to fund PHINMA Education’s expansion.
The initial amount is equivalent to 70.22% of KKR’s total investment worth P3.59 billion.
Mr. Salazar also mentioned that Cambodia and Laos are possible locations for the company’s future expansion.
“Vietnam should be the target. After Vietnam, we’ll look at Cambodia and Laos,” he said.
Mr. Salazar said PHINMA Education is also eyeing growth in its presence in Indonesia.
The company currently operates Kalbis University in Jakarta and Horizon University in Karawang.
He confirmed that the company will search for other cities in Indonesia for potential expansion, which could happen within the year.
“We’re more excited about Indonesia because right now we’re only managing two schools. Indonesia is bigger than the Philippines. It’s two times the population. That’s why we’re hoping to continue to expand,” he said.
“We’re hoping at least a third (school) within the year maybe, whether in a different city, or we’ll expand the (current) branches,” he added.
Mr. Salazar also said PHINMA Education is eyeing 180,000 students this school year, up from the current 164,000.
For the financial year 2024-2025 (April 2024 to March 2025), PHINMA Education saw an 8% increase in net income to P1.5 billion, led by higher enrollment. Revenue grew by 14% to P6.5 billion.
PHINMA Education previously announced plans to open additional campuses in San Pablo in Laguna, Roxas City, Bacolod City, and Butuan City in the coming years to meet increasing demand.
The company also expanded its school network to 12 with the recent addition of Saint Jude College in Dasmariñas, Cavite, and Kalbis University in Jakarta.
PHINMA Education is the education subsidiary of the listed holding company PHINMA Corp.
PHINMA Corp. shares were last traded on Aug. 1, unchanged at P17.84 per share. — Revin Mikhael D. Ochave
