By James A. Loyola
STI Holdings, owner of one of the largest networks of private schools in the Philippines, reported a 10 percent growth in net income to ₱152.6 million in the fourth quarter last year from the ₱138.7 million it earned in the same period in 2018.
Its quarterly report to the Philippine Stock Exchange showed, STI gross revenues went up by five percent 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 percent 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 percent. Operating income likewise went up by five percent 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.
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.