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Manila Bulletin devider Business devider The Stock Market devider STI more than doubles earnings on higher enrollment, tuition

STI more than doubles earnings on higher enrollment, tuition

Published Feb 18, 2024 04:46 pm

STI Education Systems Holdings Inc. reported a 132 percent surge in net income for the first six months of its fiscal year ending June 30, 2024 due to a combination of higher enrollments and tuition fee increases.

In a disclosure to the Philippine Stock Exchange (PSE), the firm said net income rose to P517.8 million for the six-month period ended Dec. 31, 2023 from the P223.4 million earned in the same period of the previous year.

STI Holdings.jpg

For the semester, STI said the group generated gross revenues of P1.9 billion, higher by 36 percent from the P1.44 billion registered in the same period of the last fiscal year. 

The increase was primarily driven by the 27 percent increase in the total number of students of the group for school year 2023-2024 to almost 120,000 from 94,312 enrollees in School Year or SY 2022-2023. 

In SY 2023-2024, the total count of new students reached 55,982, marking a 35 percent growth from 41,565 new students in SY 2022-2023. 

Furthermore, enrollment in programs regulated by CHED registered an impressive 25 percent increase to more than 83,000 students compared to more than 66,000 enrollees in SY 2022-2023.

The group also implemented a tuition fee increase ranging from five percent to 10 percent across all levels.

Gross profit increased by 44 percent year-on-year to P584.6 million for the six-month period ended Dec. 31, 2023 as against P287.5 million for the same period last year. 

For the three-month period ended Dec. 31, 2023, the group generated gross revenues of P1.31 billion, higher by 39 percent from the same period last year of P938.5 million. 

The group recorded an operating income of P565.6 million for the three-month period ended Dec. 31, 2023 as against P327.8 million for the same period last year. 

Net income after income tax amounted to P498.1 million this quarter, almost double the P271 million recorded for the three-month period ended Dec. 31, 2022.

 

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