MANILA - STI Holdings, owner of one of the country's largest networks of schools, reported a net income of ₱241.2 million in the third quarter of its fiscal year (FY), or the three-month period ended March 31, 2022 -- a 192% increase from or almost thrice the ₱82.6 million it posted in the same period last year.
Operating income was at ₱271.6 million, or 137% up from the ₱114.5 million recorded previously. Gross revenues for the same period, meanwhile, went up by 35% to ₱793.8 million from ₱589.9 million year-on-year.
The figures are based on the Group’s disclosure to the Philippine Stock Exchange.
For the nine-month period ended March 31, 2022, STI Holdings’ net income registered a huge turnaround to ₱297.2 million from a net loss of ₱31.4 million in the same period last year. The group registered an operating income of ₱408 million, an increase of 325% from or more than four times its ₱96 million figure year-on-year. Gross revenues, meanwhile, were at ₱1.92 billion, up by 26% from the ₱1.52 billion recorded previously.
The Group’s improved performance comes on the back of an 18% increase in its overall enrollment to 82,629 students for School Year (SY) 2021-2022 from 70,223 in SY 2020-2021. In the enrollment mix, enrollment in programs regulated by the Commission on Higher Education (CHED) increased to 68% in SY 2021-2022 from 57% the previous SY.
STI Holdings has gradually started to implement limited face-to-face classes for schools in areas under Alert Level 1 for identified high-stake tertiary courses and selected subjects beginning February, March, and May for STI Education Services Group (STI ESG), Bacolod City-based STI WNU, and Makati City-based iACADEMY, respectively,
High-stake tertiary courses refer to subjects or courses with laboratory components where the skills expected to be gained by the students are better acquired in a face-to-face class setup since actual demonstration and practice of competencies are significant in the learning process.
Meanwhile, limited face-to-face classes for senior high school students began in April and May 2022 for STI ESG and STI WNU, respectively.
The Group is continuously ensuring adherence to the guidelines set by the Inter-Agency Task Force for the Management of Emerging Infectious Diseases (IATF), CHED, the Department of Education, local government units, and all pertinent agencies that have released information on the conduct of the limited face-to-face classes.
STI Holdings’ FY starts on July 1 of every calendar year (CY) and ends on June 30 of the following CY. Being in the business of education, the Group’s FY follows that of its SY.
Alongside the improvement in its financial performance, the Group announced iACADEMY’s awarding as the Philippines’ Best Design School, Best School for Music Production, Design, and Technology, Best Education Provider, and Most Innovative Education Provider for the year 2022 by online publication Global Business Review Magazine on March 9.
STI Education Systems Holdings, Inc. (STI Holdings) has three subsidiaries involved in education: the STI Education Services Group (STI ESG), 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 and Education. It also offers senior high school. STI ESG was given government permits to offer Bachelor of Science in Retail Technology and Consumer Science Program and the 2-year Associate in Retail Technology Program starting SY 2020-2021.
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 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 such as software engineering, game development, animation, multimedia arts and design, film and visual effects and real estate management. It is offering three new programs beginning SY 2020-2021, namely: Bachelor of Science in Computer Science major in Data Science, Bachelor of Science in Computer Science major in Cloud Computing and, in partnership with PwC, Bachelor of Science in Accountancy.