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Manila Bulletin devider Business devider The Stock Market devider STI bounces back to profitability in Q1

STI bounces back to profitability in Q1

Published Dec 3, 2023 06:11 pm

STI Holdings Inc., owner of the largest network of private schools in the Philippines, sustained its gains for the first quarter of its fiscal year ending in June 2024 with a net income of P19.8 million.

In a disclosure to the Philippine Stock Exchange (PSE), the firm said its July to Sept. 2023 profit represents a significant bounceback from the loss of P47.6 million it incurred during the same period last year.

STI Holdings.jpg

STI said it generated P650 million in gross revenues for the three-month period ended Sept. 30, 2023, 30 percent higher than the P500.4 million it posted during the same period last year.

In its recent annual report, the company earlier said it registered a net income of P873.8 million for the fiscal year 2022-2023, more than doubling the previous year's figure of P416.2 million.

“The increase was primarily driven by the 27 percent increase in the total number of students of the Group for SY (School Year) 2023-2024. Gross profit likewise increased by P108.5 million or 40 percent year-on-year,” STI said.

Enrollment in the schools breached the six-digit mark as the number of students for SY 2023-2024 reached almost 120,000 compared to 94,312 enrollees in SY 2022-2023.

The total count of new students for the current academic year reached 55,982, marking a 35 percent growth from 41,565 new students in the previous school year.

Enrollment in programs regulated by the Commission on Higher Education registered an impressive 25 percent increase to more than 83,000 students compared to enrollees in SY 2022-2023 of over 66,000.

A total of 103,982 of the entire student population of 119,543 enrolled in schools operated by the STI Education Services Group. The rest were students of iACADEMY and STI WNU.

STI Holdings' financial year, consistent with its academic calendar, begins on July 1 and concludes on June 30 of the following year.
 

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