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Manila Bulletin devider Business devider The Stock Market devider iPeople's earnings jump as enrollments swell

iPeople's earnings jump as enrollments swell

Published Nov 18, 2024 07:43 am

iPeople inc., a joint venture between the Yuchengcos’ House of Investments and the Zobels’ Ayala Corporation, reported a 10 percent growth in enrollment for the school year 2024-2025, resulting in a 54 percent jump in attributable profits in the first nine months of 2024.

In a disclosure to the Philippine Stock Exchange (PSE), the firm said earnings rose to P585.12 million in the first nine months of 2024 from P380.08 million in the same period last year.

Revenues grew 21 percent to P3.77 billion from P3.11 billion as the firm registered a total of 74,000 enrolled students with 54 percent of this population coming from the affordable education segment.

iPeople’s National Teachers College (NTC), in particular, has grown substantially since its acquisition in 2019 with a compounded annual growth of 12 percent. For 2025, NTC expects to grow its student population by 12 percent.

To address this increasing student demand, the iPeople Board of Directors approved last Nov. 15, the expansion of NTC outside of Metro Manila to Bulacan.

“This expansion will allow us to advance the Philippine educational system by making quality education more affordable and accessible to a greater number of Filipinos.” said iPeople Chairman and CEO Dr. Reynaldo B. Vea.

He added that “iPeople is highly supportive of the Philippine government’s thrust to improve education of the Filipinos. We will continue to serve the affordable segment by leveraging our background and expertise in providing quality outcome-based education in our Mapúa Schools.”

For instance, Mapúa University has started offering fully online bachelor programs, called UOx (Ubiquitous Online Experience), to cater to a wider range of demographic who aspire to get the Mapúa brand of education wherever they are at a lower cost than that of on-site delivery.

iPeople continues to create new milestones. Further advancing its educational transformation journey, iPeople’s Mapúa University and Mapúa Malayan Colleges Laguna (MMCL) have likewise expanded their respective programs to offer degrees in Business Intelligence and Analytics in Global Management. Mapúa also now has a Financial Technology degree.

Related Tags

House of investments Inc. iPeople Inc. Ayala Corporation
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