2016-11-15
MANILA STI Holdings, owner of one of the biggest network of private schools in the Philippines, today reported a net income of P542.9 million during the six months ending September 30, 2016.
The amount equates an impressive 60 percent jump compared to the P338.7 million it posted during the same period last year.
In a disclosure to the Philippine Stock Exchange, STI Holdings also said the company generated about P1.29 billion in revenues, an improvement of 15 percent or P171.9 million, compared to the same six month period in 2015.
The six months leading to September 30, 2016 represent STI Holdings’ second quarter performance as the company follows an April to March fiscal year mirroring that of an academic cycle in the Philippines, since bulk of its income comes from its education services.
STI Holdings also said total assets also grew as of September 30, 2016 amounting to P11.89 billion, 13 percent or P1.39 billion higher than the balance as at March 31, 2016. Contributing to this is the 2,332.5 square-meter property in Makati purchased by STI Holdings last August.
In the school year 2016 - 2017, students enrolled in schools under STI Holdings numbered 103,727 representing a 22 percent increase, or 18,997, when compared to 84,730 enrollees in the previous school year.
Driving the growth in enrollment is the network’s K to 12 program, where a total of 39,206 senior high school students enrolled in educational institutions operated by STI Education Services Group (STI ESG), Information and Communications Technology Academy (iACADEMY), and STI West Negros University (STI WNU).
Senior High School enrollees comprise 38 percent of total enrollees. Those taking up CHED-accredited courses account for 56 percent of enrollees, or 57,950, while students taking up TESDA courses make up five percent, or 5,692.
The growth in its financial bottom line and enrollments represents the aggressive move of STI Holdings to expand its education services all over the archipelago. It also reported that last July, STI ESG completed the construction of new facilities for STI Las Piñas.
This, in effect, increased STI ESG’s total nationwide student capacity to 119,191 students, with 73,413 pertaining to owned schools and 45,778 for franchised schools.
In April 2016, the CHED granted iACADEMY a Government Authority to operate as a Transnational Education provider for the Master in Business Administration (MBA) program in partnership with De Paul University, Chicago, Illinois, USA, as the degree granting institution.
iACADEMY is a school in Makati that specializes in the field of computing, business and design and is known for its design programs in animation and multimedia arts. It began offering Senior High School this year and seeks to offer more specialized courses centered on design, technology and transnational education including its recent partnership to offer an MBA Program with DePaul University.
