2014-03-24
MANILA, Philippines STI Holdings posted an impressive P1.36 billion in gross revenues in the nine months of its fiscal year ending December 2013, representing a 13 percent increase compared to figures posted during the same period in 2012.
In a quarterly report contained in SEC Form 17-Q submitted Friday to the Securities and Exchange Commission and the Philippine Stock Exchange, STI Holdings said the revenue growth was due to the increase in the number of students enrolling in schools operated by STI Education Services Group (STI-ESG) and its subsidiaries.
The 13 percent increase in gross revenues resulted mainly from increase in the number of students of STI-ESG and its subsidiaries from 68,363 last year to 71,195 this year, it said.
STI-ESG schools also had more students enrolling in four-year CHED-approved courses than the two-year TESDA programs. Ratio in 2013 was 76 percent four-year programs and 24 percent two-year programs, as compared to 70 percent and 30 percent respectively in 2012,STI Holdings said.
One of STI-ESGs subsidiaries, iAcademy, also contributed P91 million in revenues. iAcademy is a high-end technology school which serves as a training ground for globally competitive professionals.
Another university which STI Holdings recently acquired, the West Negros University in Bacolod City, also chipped in P34.6 million to the revenues of STI Holdings, from the company's takeover in October to December 2013.
STI Holdings also reported that it is well on track with its ambitious expansion program.
Its biggest campus to date, the STI ORCA in Cainta, is fully operational. STI Holdings also reported that construction is ongoing for schools in Cubao and Calamba.
The Group also acquired a real estate property, with buildings, in Batangas City to serve as new site for STI College Batangas, a school purchased in September from a franchisee, said STI Holdings, adding the cost of renovation there has reached P18.8 million to date.
Earlier, the company also announced the inauguration of its new campus in Caloocan City. Just last January, STI Holdings also said that construction of its new campus in Lucena City has begun.
