2021-10-26
STI Holdings, owner of one of the country's largest network of schools registered a net income of Php101.7 million for the fiscal year ended June 30, 2021 compared to a net loss of Php117.5 million for the same period last year, it said in a disclosure to the Philippine Stock Exchange.
The company and its subsidiaries attributed the positive performance to the group's cost management measures, as operating expenses dropped by 16% or Php189.0 million from Php1.21 billion to Php1.03 billion.
Based on STI Holdings' Sustainability Report, enrollment in private schools nationwide dipped in school year (SY) 2020-2021 due to the impact of the COVID-19 pandemic. In particular, a survey by STI Education Services Group (STI ESG) â the largest of the group's three educational institutions â showed that some students did not pursue education in the last SY due to financial difficulties their families and benefactors were beset with that time.
Despite this, the group still registered an enrollment of 70,223 students for SY2020-2021.
Even as enrollment dropped due to the pandemic, we purposely chose to stay committed to the education of youth in these challenging times. In doing so, we innovated our technology-enhanced programs that will enable our students to continue learning even through a different setup to ensure their health and safety,” said STI Holdings President and CEO Monico V. Jacob.
"While our learning setup has worked this past school year, we certainly are looking forward to better and brighter times ahead. With the downtrend in the number of new COVID-19 cases, we hope to be able to return soon to a flexible blended learning mode that is a mix of online and face-to-face classes and hands-on learning activities, which would benefit our students and faculty members in the long run," he added.
The group's cash and cash equivalents also went up by 76% or Php634.3 million to Php1.47 billion from Php836.2 million year-on-year. Net cash generated from operations amounted to Php714.2 million. Meanwhile, the group netted Php147.2 million from investing activities, particularly the sale of STI ESG's stake in Maestro Holdings for Php480.5 million, which in turn, funded Php281.9 million in capital expenditures.
Beginning SY2020-2021, STI Holdings' Fiscal Year starts on July 1 and ends on June 30 the following calendar year. In order to achieve comparability, the group prepared a voluntary disclosure of operating results for the twelve months ended June 30, 2020 and 2019.
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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.
