Manila—(PHStocks)—STI Holdings (PSE: STI) posted a net income of PhP1.07 billion during the one year period ending 31 March 2016, which is 47 percent – or PhP341.3 million – higher than the PhP731.4 million it recorded during the same period in 2015.
The company credits the growth to the increased enrollments, as well as the courses students took up in schools owned by STI Education Services Group and other franchised schools.
As a result, gross revenues increased by 16%, or more than PhP352.7 million, from last year’s PhP2.22 billion to PhP2.58 billion.
STI Holdings actually ended its financial year last 31 March 2016 as the company follows an April to March fiscal year mirroring that of an academic cycle in the Philippines, since bulk of its income comes from its education services.
A total number of 84,764 students were enrolled in its schools during the 2015-2016 academic year, which is 4,564 more than its 80,200 enrollees during the previous year.
About 86% of enrollees in STI ESG schools enrolled in four-year Commission on Higher Education (CHED)-sanctioned courses. Last year, the precentages of students in CHED program was at 82.
Only 12% enrolled in short-term technical courses, as compared to the 16% who took these courses during the previous school year.
The higher number of students and the favorable enrollment mix allowed the company to collect more tuition and other school fees, posting an increase of PhP326.1 million, or 17% from last year’s PhP1.95 billion to PhP2.27 billion this year.
The company’s total assets as of 31 March 2016 also rose to PhP10.5 billion from last year’s PhP10.04 billion, a bump of about PhP464.2 million.
STI Holdings President Monico V. Jacob said the impressive financial growth should allow the company to pursue further its mission to provide quality and affordable education to Filipinos.
“For STI Holdings, education is both an enterprise and a vocation to give more of our countrymen access to education that will make them, especially the young ones, more competitive not just locally, but also globally,” he said.