2017-07-17
MANILA â STI Holdings concluded its fiscal year by recording P2.9 billion in revenues in one year ending March 31, 2017, which is 14 percent higher than the P2.6 billion it posted during the same period of the previous year.
In a disclosure to the Philippine Stock Exchange, STI Holdings also said that total assets grew to P14.3 billion as of March 31, 2017, an impressive 36 percent growth from the P10.5 billion a year ago.
The disclosure forms part of the company’s year-long performance as STI Holdings follows an April to March fiscal year mirroring that of an academic cycle in the Philippines since the bulk of its income comes from its education services.
The company, which is the proprietor of one of the largest network of private schools in the country, said the growth in revenues is due to the record number of students enrolled in its schools this current academic year.
For 2016-2017, STI Holdings said enrollments among schools in its network breached the 100,000-mark, or a total of 103,727 students, which is 22 percent higher than the 84,730 enrollees the previous school year.
Boosting the numbers are enrollees in the Senior High School (SHS) program offered by STI-branded schools, as well as iACADEMY and STI West Negros University (STI WNU). Combined, SHS students in these schools total 39,206.
On the other hand, enrollment for courses accredited by the Commission on Higher Education (CHED) is at 57,950, while students taking up Technical Education and Skills Development Authority (TESDA) courses number to 5,692. There are also 879 enrolled in the basic education offered by STI WNU.
STI Holdings President Monico V. Jacob said the current enrollment mix in the schools, especially the exceptional number of students enrolled in SHS, will help ensure a consistent level of enrollments in the years to come.
“We see the successful implementation of our SHS as a feeder for our college program. We are looking forward to this because this means more and more Filipinos will get to experience the brand of quality education our schools offer,” he said.
Meanwhile, STI Holdings posted a net income before other income and income tax of P922.1 million, which is 31 percent higher than P702.8 million it recorded last year.
Net profit was at P644 million. The amount is lower than the P1.1 billion in net income during the previous year, which is actually an exceptional year, as some P553.4 million of the said profits were due mostly from the extraordinary gains arising from the dacion en pago arrangement entered into with PWU and Unlad.
The arrangement has resulted in the STI Holdings’ acquisition of several properties in Quezon City and Davao City, which the company is holding for capital appreciation.
