STI Education Systems Holdings Inc. (PSE: STI), an operator of a network of schools in the country, said its income for its fiscal nine months ending March almost doubled to P579.3 million from the previous year’s P297.2 million on the steady transition back to face-to-face (F2F) classes.
The company said it generated gross revenues of P2.4 billion, which was 27-percent higher than the P1.9 billion last year due to the increase in the number of enrollees and improvement in the enrollment mix of the group for School Year 2022 to 2023.
STI’s fiscal year starts on July 1 of every year and ends on June 30 of the following year.
Tuition and other school fees, reached P2.1 billion for the 9-month period, an increase of 25 percent from the same period last year.
The number of new students enrolled in Commission on Higher Education programs improved by 17 percent or 3,707 to 25,849 from 22,142 for school year 2021-2022 and school year 2022-2023, respectively.
STI said its schools now have a total of 94,312 enrollees for 2022-2023,14 percent or 11,683 higher than the 82,629 students it took in during the previous school year.
“STI Education Services Group’s wholly-owned and franchised schools registered an enrollment of 81,697 students, 8,947 or 12 percent more than the enrollment in SY 2021-2022. Percentage-wise, STI WNU (West Negros University) registered the highest increase at 35 percent for this school year compared to last school year,” STI said.
Schools also reported revenues from other sources as a result of increased enrollments and more frequent face-to-face classes.
On the other hand, STI Holdings said the resumption of face-to-face classes has also led to increased support for more student activities and programs.
Its schools have also continued to invest in technology that will help with the education of students, notably increased subscription costs for Microsoft and Amadeus software for the current school year.
