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Manila Bulletin devider Business devider STI Holdings cuts losses

STI Holdings cuts losses

Published Nov 24, 2022 02:53 pm

STI Holdings, owner of one of the biggest networks of private schools in the Philippines, has reduced its attributable net loss in the first quarter of its fiscal year ending June 30, 2023 to P42.37 million from losses of P114.23 million in the same period last year.

STI Holdings’ fiscal year (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 SY.

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In a disclosure to the Philippine Stock Exchange, the firm said posted a 34 percent revenue growth to P500.4 million for the three-month period ended September 30, 2022 from the P372.8 million it generated during the same period last year.

“The increase in revenues was mostly brought about by the increase in enrollment, as well as improvement in the enrollment mix, with majority of students availing of courses regulated by the Commission on Higher Education,” STI said.

STI Holdings said enrollment in the schools under STI Holdings improved 14 percent to 94,312 from 82,629 for School Year (SY) 2021-2022, with the number of students in the programs regulated by CHED showing a robust 18 percent increase from 56,342 students in the previous school year to 66,309 this school year.

New students contributed significantly to the increase, as they reached a total of 41,565 compared to the number of new students in the previous school year of 35,566, presenting a 17 percent increase in the total number of new students.

Apart from the growth in revenues, STI Holdings also posted P117.1 million in earnings before interest, taxes, depreciation and amortization, or EBITDA, up from the P44.4 million registered during the same period last year.

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