Manila—(PHStocks)—STI Holdings (PSE: STI), owner of one of the biggest network of private schools in the Philippines, today reported a net income of PhP542.9 million during the six months ending September 30, 2016.
The amount equates an impressive 60 percent jump compared to the PhP338.7 million it posted during the same period last year.
In a disclosure to the Philippine Stock Exchange (PSE), STI Holdings also said the company generated about PhP1.29 billion in revenues, an improvement of 15 percent or PhP171.9 million, compared to the same six month period in 2015.
The six months leading to September 30, 2016 represent STI Holdings’ second quarter performance 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.
STI Holdings also said total assets also grew as of September 30, 2016 amounting to PhP11.89 billion, 13 percent or PhP1.39 billion higher than the balance as at March 31, 2016. It said this “was largely due to the increase in receivables, mostly pertaining to receivables for tuition and other school fees.”
In the school year 2016-2017, students enrolled in schools under STI Holdings numbered 103,727, representing a 22 percent increase or 18,997, when
compared to 84,730 enrollees in the previous school year.
Driving the growth in enrollment is the network’s K to 12 program, where a total of 40,085 senior high school students enrolled in educational institutions
operated by STI Education Services Group (STI ESG), Information and Communications Technology Academy (iACADEMY), and STI West Negros University (STIWNU).
Senior High School enrollees comprise 39 percent of total enrollees. Those taking up CHED-accredited courses account for 56 percent of enrollees, or 57,950,
while students taking up TESDA courses make up five percent, or 5,692.
The growth in its financial bottom line and enrollments represents the aggressive move of STI Holdings to expand its education services all over the archipelago. It also reported that last July, STI ESG completed the construction of new facilities for STI Las Pinas.
This, in effect, increased STI ESG’s total nationwide student capacity to 119,191 students, with 73,413 pertaining to owned schools and 45,778 for franchised
In April 2016, the Commission on Higher Education (CHED) granted iACADEMY a Government Authority (GA) to operate as a Transnational Education (TNE) provider for the Master in Business Administration (MBA) program in partnership with De Paul University, Chicago, Illinois, USA, as the degree granting
iACADEMY is a school in Makati that specializes in the field of computing, business and design and is known for its design programs in animation and multimedia arts. It began offering Senior High School this year and seeks to offer more specialized courses centered on design, technology and transnational education including its recent partnership to offeran MBAProgram with DePaul University.