LISTED educational institution STI Education Systems Holdings, Inc. more than doubled its net income during the fiscal year 2023 that ended in June led by higher enrollment figures.
In a regulatory filing on Wednesday, STI Holdings said its net income rose 110% to P873.8 million compared with P416.2 million a year ago due to the “robust increase in enrollment in school year (SY) 2022-2023.”
STI Holdings’ financial year, consistent with its academic calendar, starts on July 1 and ends on June 30 of the following year.
“STI Holdings registered a total of 94,312 students for SY 2022-2023, a 14% or 11,683 student increase from the 82,629 enrollees in SY 2021-2022,” the company said.
“Additionally, there was a 17% rise in new student enrollment, with 41,565 students joining in SY 2022-2023 compared to 35,566 the previous year,” it added.
Owned and franchised schools of STI’s subsidiary, STI Education Services Group (ESG), logged a 12% jump in enrollment to 81,697 students, while iAcademy and STI West Negros University (WNU) posted 4% and 35% enrollment growths, respectively.
STI’s tuition income rose to P3.1 billion from P2.4 billion in the previous fiscal year led by the growth in enrollment.
The company’s consolidated gross revenues rose 27% to P3.4 billion from P2.7 billion the prior fiscal year.
STI ESG offers associate and baccalaureate degrees and technical-vocational programs in the fields of information and communications technology, business and management, hospitality management, tourism management, arts and sciences, engineering, education, psychology and criminology. It also offers junior and senior high school.
The company’s STI WNU offers programs and courses ranging from basic education to graduate levels, while iAcademy has specialized programs in senior high school and college that are centered on computing, business and design.
On Wednesday, shares of STI Holdings at the local bourse rose P0.005 or 1.12% to end at 45 centavos each. — Revin Mikhael D. Ochave