STI Holdings Inc., the owner and operator of the largest network of private schools in the country, said Monday it more than doubled its net income in the first half of its financial year ended December 2023.
STI said in a disclosure to the stock exchange net income from July to December 2023 reached P517.8 million, up 132 percent from P223.4 million in the same period in 2022.
Gross revenues during the period also rose 36 percent to P1.958 billion from P1.438 billion on significant increase in student enrollment.
The enrollment figures of the group for school year 2023-2024 went up by 27 percent to 119,543 from 94,312 students in school year 2022-2023.
New students for the school year 2023-2024 reached 55,982, up 35 percent from 41,565 in the previous school year.
Enrollment in programs regulated by Commission on Higher Education (CHED) also went up by 25 percent to more than 83,000 students from more than 66,000 enrollees in school year 2022-2023.
It said that as of Dec. 31, 2023, STI’s network of operating schools totaled 63, with 37 company-owned and 26 franchised schools comprising 60 colleges and 3 education centers.
STI also owns STI West Negros University Inc. (STI WNU) and Information and Communications Technology Academy Inc. (iACADEMY).
STI fully acquired STI Alabang from the former franchisee in 2023. Prior to this, STI owned 40 percent of STI Alabang’s issued and outstanding capital stock.