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STI Holdings posts Php82.6 million net income in third quarter amid pandemic

2021-05-19

 

STI Holdings, owner of one of the country’s largest network of schools registered a net income of Php82.6 million for the three-month period ending March 31, 2021 compared to a Php211.6 million net loss in the same period last year, it said in a disclosure to the Philippine Stock Exchange.

The increase in net income follows the group’s decision to prioritize students’ and employees’ welfare a year into the COVID-19 pandemic and related quarantines through different measures, including the implementation of work-from-home arrangements for employees and the continuation of its online classes for students.

Online classes are being conducted under the Online and Onsite Education (ONE) STI Learning Model for the STI Education Services Group and STI WNU, and the Guided Online Autonomous Learning (GOAL) program for iACADEMY.

Meanwhile, the company’s total assets increased to Php15.1 billion as of end-March 2021 from Php14.8 billion as of end-June 2020 largely due to an increase in its cash and cash equivalents. 

STI Holdings’ cash and cash equivalents increased by Php669.3 million or 80% due to the collection of tuition and other school fees from students and collection from the Department of Education and  the Commission on Higher Education for the senior high school vouchers and the tertiary education subsidies, respectively.

“While it is vital to continue with the education of our youth even amid the pandemic, it is equally important for us to help make sure that our students and employees can continue doing their respective activities in a safe environment. This way, they can continue having the potential of achieving their goals even after the pandemic,” said STI Holdings President and CEO Monico V. Jacob.

“Learning should never stop at whatever stage in life, especially in the digital age. This is why we have invested in online learning systems even before this crisis, so that with the power of technology and with just minimal adjustment, we can still facilitate classes even with the pandemic,” said STI Holdings Chairman Eusebio H. Tanco.

“Through our online learning programs and by keeping our people safe, we hope to help them move forward and live meaningfully beyond the pandemic,” he said further.

Beginning SY2020-21, STI Holdings’ Fiscal Year starts on July 1 and ends on June 30 the following calendar 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 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 and Education. It also offers senior high school. STI ESG was given government permits to offer Bachelor of Science in Retail Technology and Consumer Science Program and the 2-year Associate in Retail Technology Program starting SY 2020-2021.  

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 that has senior high school and college programs centered on computing, business, and design. It offers specialized courses such as software engineering, game development, animation, multimedia arts and design, fashion design and technology, film and visual effects and real estate management. It is offering two new programs beginning SY 2020-2021, namely: Bachelor of Science in Computer Science major in Data Science and Bachelor of Science in Computer Science major in Cloud Computing. iACADEMY has also been given the government permit to offer Bachelor of Science in Accountancy this school year. 

 

 

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