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STI Holdings 3Q income 10% higher

2020-02-14

 

MANILA - STI Holdings, owner of one of the largest networks of private schools in the Philippines, reported a net income of 152.6 million for the three-month period that ended December 31, 2019.

The amount is ten percent or 13.9 million higher than the 138.7 million it earned in the same period last year.

Based on its quarterly report submitted to the Philippine Stock Exchange, the company also said gross revenues went up by five percent or 42.2 million to 813.2 million from 771.0 million in the said period year-on-year.

The increase was due to the improvement in the mix of students enrolled. A total of 55% or 45,902 of the group’s 83,967 total student population are enrolled in programs regulated by the Commission on Higher Education (CHED). Last school year’s percentage of students enrolled in CHED programs was at 50%.

In addition, the holding firm’s earnings before interest, taxes, depreciation, and amortization (EBITDA) jumped by 44.5 million or 13.4% to 377.0 million from 332.5 million year-on-year. EBITDA margin also grew to 46% from 43% in the same period last year.

Operating income likewise went up by five percent or 9.7 million to 187.3 million from 177.6 million year-on-year.

As the company’s line of business is in education, STI Holdings’ fiscal year begins in April and ends in March of the following year, which is aligned with the schools’ academic calendars. For school year 2019-2020, though, the opening of classes was moved to July from June.

The company’s total assets increased by five percent to 15.6 billion as of December 31, 2019 from 14.8 billion as of March 31, 2019.

STI Holdings has three subsidiaries involved in education: the STI Education Services Group (STI ESG), STI WNU, and iACADEMY.

STI ESG’s network of schools totals to 76 schools with 38 owned schools and 38 franchised schools comprising of 69 colleges and seven education centers.

From offering various degrees related to Computer Science, STI ESG showed its strength beyond IT by expanding the existing programs to bachelor’s degrees in the fields of Business Administration, Computer Engineering, Hospitality Management, Tourism Management, Accountancy, Communications and Multimedia Arts, among others. STI ESG also offers senior high school.

STI ESG remains committed to educating the Filipino youth by enhancing its programs and making relevant investments including the acquisition of a simulator and other maritime equipment, specifically for the courses of STI NAMEI, which it acquired in 2019.

The newly-completed STI Lipa, STI San Jose Del Monte, STI Sta. Mesa, and STI Pasay-EDSA all accepted students at the start of the current school year. Meanwhile, the new STI Legazpi Academic Center is expected to be completed in time for school year 2020-2021.

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 in animation, multimedia arts and design, fashion design and technology, software engineering, game development, film and visual effects and real estate management

 

 

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