STI Posts 9M Net Income of PhP190M
STI Education Systems Holdings Inc. (PSE: STI), which owns one of the largest networks of private schools in the Philippines, recorded a net income of PhP190.4 million for the past nine months ending December 31, 2018.
During the same period, the company also generated PhP2 billion in gross revenues and a gross profit of PhP1.2 billion.
In a report submitted to the Philippine Stock Exchange Thursday, STI Holdings said the net income was lower than the same period during the previous year, which was PhP311.6 million.
STI Holdings 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.
The company’s total assets amounted to PhP15.4 billion as of December 31, 2018, which is seven percent or PhP978.3 million higher than the balance as of March 31, 2018.
The increase in assets is largely attributed to the increase in property and equipment resulting from the ongoing construction projects for its schools.
These projects include the construction of school buildings for the new sites of three schools. The school building of STI Sta. Mesa in Manila is substantially complete and the remaining works are likewise expected to be finished before the end of the school year. STI Pasay-EDSA and STI San Jose del Monte in Bulacan are expected to be operational in the next few months to accommodate enrollees for the coming school year.
STI Lipa also started operations in the new building in August 2018, specifically from the ground up to the fourth floor. The remaining works from fifth floor up to the roof-deck and the basketball gymnasium at the seventh floor are expected to be completed before the end of the school year. iACADEMY’s Nexus campus was also substantially completed in the same period.
STI Holdings has three subsidiaries involved in education: the STI Education Services Group (STI FSG), STI West Negros University (STI WNU), and iACADEMY.
STI FSG’s network of schools totals to 75 schools with 38 owned schools and 37 franchised schools comprising of 68 colleges and 7 education centers.
From offering various degrees related to Computer Science, STI ESG showed its strength beyond IT by expanding the existing programs to bachelor’s degrees in the fields of Business Administration, Computer Engineering, Hospitality Management, Tourism Management, Accountancy, Communications and Multimedia Arts, among others. STI FSG is also offering Senior High School (SHS).
Founded on February 14, 1948, STI WNU was granted its university status by the Commission on Higher Education on February 11, 2008. STI WNU’s campus sits on a 3.1-hectare property in the heart of Bacolod City.
iACADEMY is the premier school in the Group that offers courses in animation, multim edia arts and design, fashion design and technology, software engineering, game development, web development, marketing management, financial management and real estate management. It also offers Senior High School.