2024-05-31
MANILA —
Riding on the impressive enrollment numbers it generated in the current
academic year, STI Holdings, owner of the largest network of private schools in
the Philippines, reported a net income of ₱1.1 billion for the nine-month
period, which ended March 31, 2024.
The amount
represents a 93% increase in profits compared to the ₱579.3 million in net
income the company posted during the same period last year, STI Holdings said
in a disclosure sent to the Philippine Stock Exchange last Wednesday.
The company
also said it earned gross revenues of almost ₱3.4 billion for the same
nine-month period ended March 31, 2024, which is 38% higher compared to the
₱2.4 billion in revenues it generated during the same period in the previous
year.
Gross profit
for said nine-month period amounted to ₱2.4 billion, which is also a
significant increase from the ₱1.6 billion STI Holdings gained for the same
period last year. Gross profit margin also increased from 68% to 70% year on year.
"The increase
was primarily driven by the 27% increase in the total number of students of the
Group for SY 2023-2024," STI Holdings said.
Education
institutions under STI Holdings are composed mostly of STI-branded schools
being operated by the STI Education Services Group, Inc. STI ESG has a network
of 63 operating schools, comprising 60 colleges and three education centers.
Other schools
belonging to STI Holdings are STI WNU in Bacolod City and iACADEMY.
STI Holdings
earlier said enrollment in their schools for School Year (SY) 2023-2024 reached
almost 120,000 compared to 94,312 enrollees in SY 2022-2023, representing an
increase of 27 %.
Enrollment in
programs regulated by the Commission on Higher Education increased by an
impressive 25% to more than 83,000 students, compared to over 66,000 enrollees
in SY 2022-2023.
STI Holdings'
financial year is consistent with its academic calendar, which begins on July 1
and concludes on June 30 of the following year.
For the three
months ended March 31, 2024, representing the third quarter of its financial
year, STI Holdings reported gross revenues of ₱1.4 billion, higher by 42% than
the ₱982.2 million it posted from the same period in the previous year.
Net income
for the said three-month period was also strong at ₱600.3 million, which is 69
% higher than the ₱355.9 million the company earned in the same period last
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 pre-elementary 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.
