School operator STI Education Systems Holdings Inc. said its net income for fiscal year 2022 ending June 30 reached P416.20 million, or four times more than the P101.7 million recorded in the previous fiscal year.
Gross revenues reached P2.7 billion, 28 percent higher than the previous fiscal year’s P2.1 billion.
Tuition and other school fees contributed to the company’s gains as these went up to P2.4 billion, up by 26 percent from the previous P1.9 billion.
The increase is a result of the 18-percent growth in enrollment for school year 2021-2022. Schools within the network took in a total of 82,629 students, which is 12,406 higher than the 70,223 enrollees for SY 2020-2021.
Apart from the increase in enrollment, the schools also noted an improvement in the enrollment mix with the 40-percent increase in the number of students enrolled in courses regulated by the Commission on Higher Education.
Gross profit increased to P1.7 billion for the year, up by 41 percent from P1.2 billion last year. STI Holdings also posted an operating income of P568.6 million, more than triple than its previous P186.7 million.
STI’s fiscal year starts on July 1 and ends on June 30 of the following year.
“Schools under the network contributed to the improved bottom line, while prioritizing investment in faculty as well as solutions to provide better quality of education for students,” the company said.
Instructors’ salaries and benefits increased to P359.4 million from P286.1 million due to the increased number of faculty members brought about by the increase in the number of students.
Salary adjustments were also implemented among senior high school teachers who passed the Licensure Examination for Teachers and tertiary instructors who have earned a master’s degree as part of the faculty members’ continuing professional education.
STI Education Services Group and STI West Negros University continue to implement the hybrid learning model that was introduced in 2020, an approach to student development that uses digital tools and online technology combined with hands-on practice and onsite engagements to achieve the students’ academic objectives through a responsive learning experience.