2023-08-04
MANILA - The steady transition back to face-to-face classes continues to bode well for the owner of one of the country's largest networks of schools, STI Holdings, as it reported another increase in profits brought about by the rise in enrollments.
In a quarterly disclosure with the Philippine Stock Exchange filed Monday, STI Holdings said it posted a net income of ₱579.3 million for the nine-month period ended March 31, 2023, which is 95% higher than the net income of ₱297.2 million recorded for the same period last year.
STI Holdings' Fiscal Year (FY) starts on July 1 of every year and ends on June 30 of the following year.
STI Holdings also generated gross revenues of ₱2.4 billion, which was 27% higher than the ₱1.9 billion revenues recorded for the same period last year due to the increase in the number of enrollees and improvement in the enrollment mix of the Group for School Year (SY) 2022-2023.
Tuition and other school fees, which were recorded at ₱2.1 billion for the said nine-month period, increased by ₱422.2 million or 25% from the same period last year.
The number of new students enrolled in Commission on Higher Education (CHED) programs improved by 17% or 3,707 from 22,142 to 25,849 for SY 2021-2022 and SY 2022-2023, respectively.
STI Holdings said its schools now have a total of 94,312 enrollees for SY 2022-2023, which is 14% or 11,683 higher than the 82,629 students it took in during SY 2021-2022.
"STI Education Services Group's wholly-owned and franchised schools registered an enrollment of 81,697 students, 8,947 or 12% more than the enrollment in SY 2021-2022. Percentage-wise, STI WNU registered the highest increase at 35% for this SY compared to last SY," it said.
Schools also reported revenues from other sources as a result of increased enrollments and more frequent face-to-face classes.
On the other hand, STI Holdings said the resumption of face-to-face classes has likewise led to increased support for more student activities and programs.
Its schools have also continued to invest in technology that will help with the education of students, notably increased subscription costs for Microsoft, eLMS, and Amadeus software for SY 2022-2023.
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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 West Negros University (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, Accountancy, Engineering, Education, Hospitality Management, Tourism Management, and Arts and Sciences. It also offers senior high school.
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 CHED on February 11, 2008. STI WNU is located in the heart of Bacolod City, Negros Occidental.
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, real estate, accountancy, animation, multimedia arts and design, film and visual effects, music production and sound design, and fashion design and technology.
