STI Holdings, the owner of the largest network of private schools in the Philippines, returned to profitability in three-month period ending Sept. 30, 2023 on higher enrolment.
STI said in a statement net income from July to September 2023 reached P19.8 million, a turnaround from P47.6-million net loss reported in the same period last year.
Gross revenues increased 30 percent in the three-month period to P650.6 million from P500.4 million a year earlier. Operating income amounted to P19 million, a turnaround from last year’s operating loss of P40.3 million.
“The increase was primarily driven by the 27-percent increase in the total number of students of the group for SY [School Year] 2023-2024. Gross profit likewise increased by P108.5 million or 40 percent year-on-year,” STI said.
Enrollment in the schools breached the six-digit mark as the number of students for SY 2023-2024 reached almost 120,000 compared to 94,312 enrollees in SY 2022-2023.
The total count of new students in the academic year reached 55,982, up 35 percent from 41,565 new students in the previous school year.