2023-11-30
MANILA — STI Holdings, owner of the largest network of private schools in the Philippines, sustained its gains for the first quarter of its fiscal year as it generated ₱650.6 million in gross revenues for the three-month period ended September 30, 2023.
The amount is ₱150.2 million - or about 30% - higher than the ₱500.4 million it posted during the same period last year, the company said in its quarterly disclosure to the Philippine Stock Exchange.
STI Holdings also posted ₱19.8 million in net income for the said three-month period. The amount represents a significant bounceback for the company as it reported a loss of ₱47.6 million during the same period last year.
In its recent annual report, the company earlier said it registered a net income of ₱873.8 million for the fiscal year 2022-2023, more than doubling the previous year's figure of ₱416.2 million.
"The increase was primarily driven by the 27% increase in the total number of students of the Group for SY (School Year) 2023-2024. Gross profit likewise increased by ₱108.5 million or 40% year-on-year," it said.
Enrollment in the schools breached the six-digit mark as the number of students for SY 2023-2024 reached almost 120,000 compared to 94,312 enrollees in SY 2022-2023.
The total count of new students for the current academic year reached 55,982, marking a 35% growth from 41,565 new students in the previous school year.
Enrollment in programs regulated by the Commission on Higher Education registered an impressive 25% increase to more than 83,000 students compared to enrollees in SY 2022-2023 of over 66,000.
A total of 103,982 of the entire student population of 119,543 enrolled in schools operated by the STI Education Services Group. The rest were students of iACADEMY and STI WNU.
Total assets as of September 30, 2023, amounted to ₱16.7 billion, which is 11%, or ₱1.6 billion, higher than the ₱15.1 billion balance as of June 30, 2023. The increase was driven by the ₱1.2 billion increase in receivables and the ₱341.7 million increase in cash and cash equivalents.
STI Holdings' financial year, consistent with its academic calendar, begins on July 1 and concludes on June 30 of the following year.
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STI Education Systems Holdings, Inc. (STI Holdings) has three subsidiaries involved in education: the STI Education Services Group (STI ESG), STI West Negros University (STI WNU), and iACADEMY.
STI ESG offers associate and baccalaureate degrees and technical-vocational programs in the fields of Information and Communications Technology, Business and Management, Hospitality Management, Tourism Management, Arts and Sciences, Engineering, Education, Psychology and Criminology. It also offers junior and senior high school.
STI WNU offers programs and courses ranging from basic education to graduate levels. Founded on February 14, 1948, STI WNU was granted its university status by the Commission on Higher Education on February 11, 2008. STI WNU's campus sits on a 3.1-hectare property in the heart of Bacolod City.
iACADEMY is the premier school in the group offering specialized programs in senior high school and college that are centered on Computing, Business and Design. It is known for its strong industry partnerships and non-traditional programs such as Software Engineering, Game Development, Web Development, Real Estate Management, Animation, Multimedia Arts and Design, Fashion Design and Technology, Music Production and Sound Design, Film and Visual Effects, Data Science, and Cloud Computing. iACADEMY also offers programs in Accountancy, Marketing Management and Psychology.
