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Manila Bulletin devider Business devider The Stock Market devider STI almost doubles profits to P1.1 B

STI almost doubles profits to P1.1 B

Published May 21, 2024 07:46 am

STI Holdings, owner of the largest network of private schools in the Philippines, almost doubled its net income to P1.1 billion for the first nine months of its fiscal year ending in June 2024, a 93 percent jump from the P579.3 million earned in the same period last year.

In a disclosure to the Philippine Stock Exchange (PSE), the firm said its earnings rode on the impressive enrollment numbers it generated in the current academic year which propelled a 38 percent growth in gross revenues to P3.4 billion from the P2.4 billion generated during the same period in 2023.

STI Holdings.jpg

Gross profit for the nine-month period amounted to P2.4 billion, which is also a significant increase from the P1.6 billion STI Holdings gained for the same period last year. Gross profit margin also increased from 68 percent to 70 percent year-on-year.

“The increase was primarily driven by the 27 percent increase in the total number of students of the Group for SY 2023-2024,” STI Holdings said. 

Education institutions under STI Holdings are composed mostly of STI-branded schools being operated by the STI Education Services Group, Inc. STI ESG has a network of 63 operating schools, comprising 60 colleges and three education centers. Other schools belonging to STI Holdings are STI WNU in Bacolod City and iACADEMY.

STI Holdings earlier said enrollment in their schools for School Year (SY) 2023-2024 reached almost 120,000 compared to 94,312 enrollees in SY 2022-2023, representing an increase of 27 percent.

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

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

For the three months ended March 31, 2024, representing the third quarter of its financial year, STI Holdings reported gross revenues of P1.4 billion, higher by 42 percent than the P982.2 million it posted from the same period in the previous year.

Net income for the said three-month period was also strong at P600.3 million, which is 69 percent higher than the P355.9 million the company earned in the same period last year.
 

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