MANILA, Philippines - Tanco-led STI Education Systems Holdings, Inc. said revenues in the first six months of its fiscal year ending March reached almost P1 billion, driven by the consistent increase in the number of enrollments in most of its schools.
In a statement, the listed education firm said revenues during the April to September period soared 18 percent to P975.1 million from P826.9 million in the same period last year.
STI Holdings said the improvement in its revenues was “driven by the increased enrollment in the STI network and West Negros University.”
Based on the latest summary of enrollments, the company said the number of students currently enrolled in the STI network of schools stood at 74,002, or 3,895 higher than the 70,107 the previous school year.
WNU and iAcademy also posted higher number of students for school year 2014-2015, bringing the total number of students in schools owned by STI Holdings to 80,200.
As a result of the higher number of enrollments, STI Holdings said tuition revenues likewise grew to P826.4 million from last year’s P677.2 million.
“Enrollment mix also tipped towards the more profitable four-year courses, with 81 percent of students preferring to enter in bachelor’s degree courses. The ratio is higher this year compared to the 76 percent who enrolled in these courses last school year,” STI Holdings said.
STI Holdings’ earnings before interest, tax, depreciation, and amortization (EBITDA) for the six-month period increased 16 percent by P50.4 million to P361.8 million from last year’s P311.4 million.
Gross profit also improved at P667.1 million this year compared to P583.2 million last year.
“The new and renovated schools are part of the ambitious expansion programs the company has launched in 2012 after STI Holdings successfully raised funds by way of follow-on offering through the Philippine Stock Exchange,” the company said.
STI Holdings recently held its topping off ceremony for STI-Lucena. STI Holdings said the school should be ready to accept students in time for school year 2015-2016.