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STI Holdings nine-month income breaches ₱1-billion mark

2024-05-31

 

MANILA — Riding on the impressive enrollment numbers it generated in the current academic year, STI Holdings, owner of the largest network of private schools in the Philippines, reported a net income of ₱1.1 billion for the nine-month period, which ended March 31, 2024.

 

The amount represents a 93% increase in profits compared to the ₱579.3 million in net income the company posted during the same period last year, STI Holdings said in a disclosure sent to the Philippine Stock Exchange last Wednesday.

 

The company also said it earned gross revenues of almost ₱3.4 billion for the same nine-month period ended March 31, 2024, which is 38% higher compared to the ₱2.4 billion in revenues it generated during the same period in the previous year.

 

Gross profit for said nine-month period amounted to ₱2.4 billion, which is also a significant increase from the ₱1.6 billion STI Holdings gained for the same period last year. Gross profit margin also increased from 68% to 70% year on year.

 

"The increase was primarily driven by the 27% increase in the total number of students of the Group for SY 2023-2024," STI Holdings said.

 

Education institutions under STI Holdings are composed mostly of STI-branded schools being operated by the STI Education Services Group, Inc. STI ESG has a network of 63 operating schools, comprising 60 colleges and three education centers. 

 

Other schools belonging to STI Holdings are STI WNU in Bacolod City and iACADEMY.

 

STI Holdings earlier said enrollment in their schools 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 increased by an impressive 25% to more than 83,000 students, compared to over 66,000 enrollees in SY 2022-2023.

 

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 months ended March 31, 2024, representing the third quarter of its financial year, STI Holdings reported gross revenues of ₱1.4 billion, higher by 42% than the ₱982.2 million it posted from the same period in the previous year.

 

Net income for the said three-month period was also strong at ₱600.3 million, which is 69 % higher than the ₱355.9 million the company earned in the same period last year.

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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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