STI Holdings, owner of one of the country’s largest networks of schools, reduced it net losses to P116.7 million in the first quarter (July 1 to September 30) of fiscal year 2021 from P203 million in the same period last year year due to an increase in enrollment.
In a disclosure to the Philippine Stock Exchange, the firm said gross profit from July 1 to September 30 this year soared by 61 percent to P186.9 million from P115.8 million in the same period last year.
Gross revenues also went up by 27 percent to P375.3 million from P296.6 million previously.
The Group also registered an improved EBITDA, or earnings before interest, taxes, depreciation, and amortization, at P44.4 million for the quarter from P4.1 million registered during the same period last year.
STI reported an 18 percent increase in its overall enrollment to 82,629 students for School Year (SY) 2021-2022 from 70,223 in SY 2020-2021. The total figure was boosted by the robust 40 percent jump in tertiary enrollment to 56,342 students from 40,176 in the previous SY.
“The significant growth in enrollment can be attributed to the Group’s consistent enrollment strategies, aggressive recruitment, and innovative online learning delivery and world-class curriculum that are responsive to the trends and challenges in the country’s educational landscape,” said STI Holdings President and CEO Monico V. Jacob.
He noted that, “The COVID-19 pandemic indeed remains in our midst, but the significant leap in our enrollment figures serves as a ray of hope for us.”
“Clearly, people want to regain a semblance of normalcy while we are still practicing health and safety protocols for our students, faculty, staff, and other members of the STI Holdings community – whether online or offline. We remain committed to advancing the education of our students in a post-pandemic world, especially with the gradual reopening of our economy amid the downtrend in new daily COVID-19 cases,” Jacob added.
Meanwhile, Bacolod City-based STI WNU had the largest enrollment increase among the Group’s member schools, registering a 36 percent jump to 7,580 this SY from 5,584 previously.
The increase in enrollment was achieved even as classes are still being fully conducted online at the start of the current SY with the Philippines and the rest of the world adjusting to the “new normal” way of life.
Online classes are being conducted under the ONline and ONsite Education at STI (ONE STI) Learning Model for the STI Education Services Group (STI ESG) and STI WNU, and the Guided Online Autonomous Learning (GOAL) program for iACADEMY.
Classes for tertiary and senior high school (SHS) students of STI ESG and STI WNU began on September 13, 2021, while STI WNU’s School of Graduate Studies started on October 2. iACADEMY’s SHS and tertiary classes began on August 4 and 31, respectively.