STI Education Systems Holdings Inc., an operator of a network of private schools, said its income in the first half of its fiscal year rose four times to P223.43 million from the previous year’s P55.97 million on higher enrollments.
The company said its revenues for the period reached P1.44 billion, some 28 percent higher than P1.12 billion it posted a year ago.
In the October to December quarter alone, the company had an income of P271.04 million, 57 percent higher than the previous year’s P172.71 million. Revenues for the quarter grew by 25 percent to P938.48 million from the previous year’s P748.55 million.
STI attributed its financial performance to the increase in enrollment during the current school year.
“For the current school year 2022-2023, the total number of new students reached 41,565 compared with the 35,566 new students last school year, showing a 17 percent increase in the total number of new students,” the company said in its disclosure.
The total number of ongoing students for school year (SY) 2022-2023 reached 94,312 compared with 82,629 for school year 2021-2022, or a 14 percent increase.
The improvement in enrollment mix also contributed to the profitability because more students enrolled in programs regulated by Commission on Higher Education (CHED).
STI said enrollment in these CHED programs showed “a robust 18 percent increase from 56,342 students last SY to 66,309 this SY which is notably higher than pre-pandemic levels.”
STI Holdings’ fiscal year starts on July 1 of every calendar year (CY) and ends on June 30 of the following CY. Being in the business of education, the group’s fiscal year follows that of its school year.
The group’s total assets as of end-2022 amounted to P15.1 billion, 3 percent or P495.1 million higher than the P14.6 billion balance as of end-June.