LISTED education company iPeople, Inc. performed well in 2022 on the back of the country’s economic recovery and growth in its enrollment numbers, a company official said.
“I think in general, our enrollment growth has been quite strong. 2022 was a good year. Our total enrollment has grown by double-digits,” iPeople President Alfredo I. Ayala told reporters on the sidelines of a recent press conference in Makati City.
In 2021, the company recorded a consolidated net income of P663.79 million, up 174.1% from P242.17 million in 2020. It has yet to disclose its financial report for 2022.
“I think our total new enrollment growth is about 15%. That is the best leading indicator,” he said, referring to the freshmen coming in.
“That is across the whole group. We’re pretty happy with the way that both the economy has recovered plus because we’ve really embraced blended learning, we’ve been able to grow,” he added.
iPeople said in a previous stock exchange disclosure that the higher net income for 2021 was due to the stronger operating results of schools amid higher revenues, lower expenses, and lower income taxes after the approval of Republic Act No. 11534 or the Corporate Recovery and Tax Incentives for Enterprises Act.
Meanwhile, Mr. Ayala said the company is focusing on its collaboration with Arizona State University (ASU) signed in 2022, which is expected to bring more signups to Mapua schools this year.
The collaboration gives various opportunities for the students to learn from ASU and other educational institutions across the world as Mapua schools also became members of the ASU-Cintana Alliance. iPeople joined the global network consisting of 15 of some of the most innovative higher education institutions in the Americas, Europe, and Asia.
“We also launched last year Mapua Malayan Digital College. It is a unit of Mapua Malayan Colleges Laguna. 100% of the classes are online, plus there are learning hubs in Ayala Malls. Technology allows not just access but the reduction of cost,” Mr. Ayala said.
iPeople is under Ayala Corp. and the Yuchengcos’ House of Investments, with a stake of 33.5% and 51%, respectively.
The company owns seven educational institutions, namely: Mapua University, Mapua Malayan Colleges Laguna, Mapua Malayan Colleges Mindanao, and Malayan High School of Science in Manila operating under Malayan Education System, Inc.; University of Nueva Caceres in Bicol; National Teachers College; and APEC Schools.
On Tuesday, iPeople shares dropped seven centavos or 0.93% to close at P7.42 each at the local stock exchange. — Revin Mikhael D. Ochave