2022-02-23
MANILA â STI Holdings, owner of one of the country's largest networks of schools, reported a net income of ₱56 million in the first half of fiscal year (FY) 2021-22, or the six-month period ended December 31, 2021 -- a ₱169.9 million turnaround from the ₱113.9 million net loss for the same period in the previous year.
The figures are based on the group's disclosure to the Philippine Stock Exchange.
Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA) also grew by 37% or ₱113.5 million year-on-year to ₱419.1 million in the first half of the FY from ₱305.6 million for the same period in the previous year.
The Group's improved performance comes on the back of an 18% increase in its overall enrollment to 82,629 students for School Year (SY) 2021-2022 from 70,223 in SY 2020-2021. The total figure was boosted by the robust 40% surge in tertiary enrollment to 56,342 students from 40,176 in the previous SY.
STI Holdings was able to increase its enrollment even as classes are still being fully conducted online at the start of the current SY with the Philippines and the rest of the world adjusting to the "new normal" way of life.
Along with the additional enrollment, STI Holdings' component schools provided support to enable its students to participate in their respective classes.
STI Education Services Group (STI ESG), the largest of STI Holdings' three schools, partnered with the country's major telecommunications providers for the provision of monthly data plans and loads of up to 34 gigabytes. Through this, students are able to access their electronic Learning Management System (eLMS), Microsoft Office 365 accounts, One STI Student Portal app, and other collaborative online learning tools anytime.
STI ESG has been employing the blended learning model for its students for the past six years, which allowed its network of schools to transition seamlessly to fully remote mode of learning when the COVID-19 pandemic hit in 2020.
Bacolod City-based STI WNU, meanwhile, subscribed to GTI Software Developer's SchoolAutomate system. It is an online school management software used to assign teaching loads, schedule classes, and maintain students' accounts and academic records, among other functions.
Also, iACADEMY upgraded its subscription to Adobe Creative Cloud-All Apps to accommodate the increase in the number of its enrollees for the SY. Adobe Creative Cloud is a collection of over 20 desktop and mobile applications and services for photography, design, video, web, User Experience (UX) design, and more.
Online classes are being conducted under the ONline and ONsite Education at STI (ONE STI) Learning Model for STI ESG and STI WNU, and the Guided Online Autonomous Learning (GOAL) program for iACADEMY.
"The increase in our enrollment and in the number of COVID-19 vaccinations throughout the country are signs that the 'new normal' may be just in our midst. These technological enhancements are our ways of strengthening our commitment to help our students, faculty, and staff not just survive, but thrive in the days to come," said STI Holdings President and CEO Monico V. Jacob.
The Group also reported a 93.8% or ₱83.6 million increase in net income to ₱172.7 million for the second quarter of FY2021-22 from ₱89.1 million for the same period in the previous year. The second quarter covers the three-month period ended December 31, 2021.
STI Holdings' FY starts on July 1 of every calendar year (CY) and ends on June 30 of the following CY. Being in the business of education, the Group's FY follows that of its SY.
###
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, film and visual effects and real estate management. It is offering three new programs beginning SY 2020-2021, namely: Bachelor of Science in Computer Science major in Data Science, Bachelor of Science in Computer Science major in Cloud Computing and, in partnership with PwC, Bachelor of Science in Accountancy.
