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Manila Bulletin devider Business devider STI quadruples profits in first semester

STI quadruples profits in first semester

Published Feb 16, 2023 03:02 pm

STI Holdings reported a 299 percent surge in net income to P223.4 million for the first six months of its fiscal year (FY)ending June 30, 2023 from the P56 million earned during the same period in FY 2022.

The company, which owns and operates one of the biggest networks of private schools in the Philippines, posted a revenue of P1.44 billion in the first semester of FY 2023. This is 28 percent higher than P1.12 billion it posted in the same period the previous 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.

In a disclosure to the Philippine Stock Exchange, STI Holdings said its remarkable financial performance was due to the increase in enrollment in its schools during the current school year (SY).

“For the current SY 2022-2023, the total number of new students reached 41,565 compared with the 35,566 new students last school year, showing a 17 percent increase in the total number of new students,” it said.

The total number of ongoing students for SY 2022-2023 reached 94,312 compared with 82,629 for SY 2021-2022, which represents a 14 percent increase from the SY 2021-2022 enrollment.

The improvement in enrollment mix also contributed to the profitability because more students enrolled in programs regulated by Commission on Higher Education.

It said enrollment in these CHED programs showed “a robust 18 percent increase from 56,342 students last SY to 66,309 this SY which is notably higher than pre-pandemic levels.” Other than the increase in net income and revenues, STI Holdings also posted P607.2 million in earnings before interest, taxes, depreciation and amortization, or EBITDA.

The six-month period earnings, ended December 31, 2022, were 45 percent higher than the P419.1 million registered during the same period last year.

The Group’s total assets as at December 31, 2022 amounted to P15.1 billion, 3.4 percent higher than the P14.6 billion balance as at June 30, 2022.

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STI Holdings Inc.
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