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STI Holdings posts 132% increase in net income for first half of financial year

2024-02-19

 

MANILA — STI Holdings, owner of the largest network of private schools in the Philippines, sustains its gains from impressive enrollment numbers as it reported a net income after tax of ₱517.8 million for the six-month period ended December 31, 2023, which is 132 % higher than the figures it posted during the same period in the previous year.


In a disclosure filed Wednesday with the Philippine Stock Exchange, STI Holdings also said that the company's earnings before interest, taxes, depreciation, and amortization (EBITDA) for the same six-month period drew nearer the billion mark at ₱934.6 million. This represents an increase of ₱327.4 million from ₱607.2 million registered during the same period in 2022.


The company's gross revenues surged to nearly ₱2 billion, higher by 36% or ₱520.0 million from the same period last year of ₱1.4 billion. 


According to STI Holdings, the impressive financial results were mainly driven by the rise in overall student enrollment.


The company earlier said enrollment in the schools breached the six-digit mark as the number of students for School Year (SY) 2023-2024 reached almost 120,000 compared to 94,312 enrollees in SY 2022-2023, representing an increase of 27 %.


Enrollment in programs regulated by the Commission on Higher Education registered an impressive 25% increase to more than 83,000 students compared to enrollees in SY 2022-2023 of over 66,000.

 

A total of 103,982 of the entire student population of 119,543 enrolled in schools operated by the STI Education Services Group. The rest were students of iACADEMY and STI WNU.


STI Holdings' financial year is consistent with its academic calendar which begins on July 1 and concludes on June 30 of the following year.


For the three-month period ended December 31, 2023, representing the second quarter of its financial year, STI Holdings said it generated gross revenues of ₱1.3 billion, which were higher by 39% or ₱369.7 million from the same period of ₱938.5 million posted from the previous year. 


The company also recorded a net income after tax of ₱498.1 million this quarter, almost double the ₱271.0 million recorded for the three-month period ended December 31, 2022.



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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, Hospitality Management, Tourism Management, Arts and Sciences, Engineering, Education, Psychology and Criminology. It also offers junior and senior high school.

 

STI WNU offers programs and courses ranging from pre-elementary 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 offering specialized programs in senior high school and college that are centered on Computing, Business and Design. It is known for its strong industry partnerships and non-traditional programs such as Software Engineering, Game Development, Web Development, Real Estate Management, Animation, Multimedia Arts and Design, Fashion Design and Technology, Music Production and Sound Design, Film and Visual Effects, Data Science, and Cloud Computing. iACADEMY also offers programs in Accountancy, Marketing Management and Psychology.

 

 

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