STI Holdings reported a 192 percent surge in net income to P241.2 million in the third quarter of its fiscal year (FY), or the three-month period ending March 31, 2022, from the P82.6 million it posted in the same period last year.
In a disclosure to the Philippine Stock Exchange, the firm said operating income jumped 137 percent to P271.6 million from the P114.5 million recorded previously.
Gross revenues for the same period, meanwhile, went up by 35 percent to P793.8 million from P589.9 million year-on-year.
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 School Year (SY).
For the nine-month period ended March 31, 2022, STI Holdings’ net income registered a huge turnaround to P297.2 million from a net loss of P31.4 million in the same period last year.
The group registered an operating income of P408 million, an increase of 325 percent from or more than four times its P96 million figure year-on-year.
Gross revenues, meanwhile, were at P1.92 billion, up by 26 percent from the P1.52 billion recorded previously.
The Group’s improved performance comes on the back of an 18 percent increase in its overall enrollment to 82,629 students for 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 percent in SY 2021-2022 from 57 percent 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.