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Manila Bulletin devider Business devider The Stock Market devider STI taking over PSBA

STI taking over PSBA

Published Feb 28, 2024 07:58 am

STI Education Systems Holdings Inc. is acquiring Philippine School of Business Administration (PSBA) in Manila and Quezon cities for a yet undisclosed amount.

In a disclosure to the Philippine Stock Exchange (PSE), STI aid its board of directors has ratified the execution of a Term Sheet with Philippine School of Business Administration (PSBA Manila) and Philippine School of Business Administration Inc.- Quezon City PSBA Quezon City).

psbaqc1.jpg
PSBA in Quezon City

The Term Sheet covers the takeover by STI of the operations of PSBA as well as the acquisition of licenses, trademarks, trade names and school-related assets owned by PSBA. 

The Term Sheet and the implementation of the transaction are subject to several conditions including the execution of mutually acceptable definitive agreements, the fulfillment of conditions precedent, the approval of the stockholders of PSBA and regulatory approvals. 

STI 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 of higher enrollments and tuition fee increases.

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.

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 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.
 

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STI Education Services Group Philippine School of Business Administration - Manila
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