STI Education Systems Holdings Inc., a Tanco-led listed firm that owns a network of schools in the country, said it was able to turn around its business in the first half of fiscal year 2021-2022.
The company recorded an income of P56.85 million, a reversal of the previous year’s P112.32-million loss. Its overall enrollment rose by 18 percent to 82,629 students for school year 2021-2022 from the previous 70,223 students.
The total figure was boosted by the 40 percent surge in tertiary enrollment to 56,342 students from 40,176 in the previous school year, the company said.
Revenues for the six-month period rose 20 percent to P1.12 billion from last year’s P929.06 million.
Most of its income was made during its October to December quarter, when its profits reached P171.08 million or nearly double the previous P90.31 million.
Revenues for the quarter also rose to P749.09 million, an 18 percent increase from the previous P632.41 million.
STI said it was able to increase its enrollment even as classes are still being fully conducted online at the start of the current school year with the Philippines and the rest of the world adjusting to the “new normal.”
“The increase in our enrollment and in the number of Covid-19 vaccinations throughout the country are signs that the ‘new normal’ may be just in our midst. These technological enhancements are our ways of strengthening our commitment to help our students, faculty, and staff not just survive, but thrive in the days to come,” STI Holdings President and CEO Monico V. Jacob said.
STI Education Services Group, the largest among the company’s three schools that carries the STI brand, partnered with the country’s major telecommunications providers for the provision of monthly data plans and loads of up to 34 gigabytes. Through this, students are able to access their electronic Learning Management System, Microsoft Office 365 accounts, One STI Student Portal app and other online learning tools anytime.
STI ESG has been employing the blended learning model for its students for the past six years, which allowed its network of schools to transition seamlessly to fully remote mode of learning when the Covid-19 pandemic hit in 2020.
Bacolod City-based STI West Negros University, meanwhile, subscribed to GTI Software Developer’s SchoolAutomate system, an online school management software used to assign teaching loads, schedule classes and maintain students’ accounts and academic records.