STI net income P579 million in 9 months

MANILA, Philippines — STI Holdings, the listed school network, posted a net income of P579.3 million for the nine-month period ending March 31, 2023, which is 95 percent higher than the net income of P297.2 million recorded a year ago.

This was due to the rise in enrollments, the company said in a regulatory filing.

The number of new students enrolled in Commission on Higher Education (CHED) programs improved by 17 percent or 3,707 from 22,142 to 25,849 for school year (SY) 2021 to 2022 and SY 2022 to 2023, respectively.

“STI Education Services Group’s wholly owned and franchised schools registered an enrollment of 81,697 students, 8,947 or 12 percent more than the enrollment in SY 2021 to 2022. Percentage-wise, STI WNU registered the highest increase at 35 percent for this school year compared to last school year,” it said.

STI Holdings said its schools now have a total of 94,312 enrollees for SY 2022 to 2023, which is 14 percent or 11,683 higher than the 82,629 students it took in during SY 2021 to 2022.

STI Holdings’ fiscal year starts on July 1 of every year and ends on June 30 of the following year.

Gross revenues rose to P2.4 billion,   27 percent higher than the P1.9 billion revenues recorded a year ago due to the increase in the number of enrollees and improvement in the enrollment mix for SY 2022 to 2023.

Of the revenues, tuition and other school fees, which were recorded at P2.1 billion for the said nine-month period, increased by P422.2 million or 25 percent from the same period last year.

The resumption of face-to-face classes has likewise led to increased support for more student activities and programs, the company also said.