STI Education Systems Holdings Inc., one of the country’s largest networks of schools owned by the Tanco family, reported a net income of P241.2 million in the third quarter of its fiscal year ended March 2022, a 192 precent increase from P82.6 million it posted in the same period last year.
STI said in a disclosure to the stock exchange gross revenues climbed 35 percent to P793.8 million from P589.9 million a year earlier. Operating income went up 137 percent year-on-year to P271.6 million.
The company said net income in the nine-month period ended March reached P297.2 million, a turnaround from a net loss of P31.4 million in the same period last year.
It said the rebound in the financial performance came on the back of an 18-percent increase in overall enrollment to 82,629 students for School Year 2021-2022 from 70,223 in SY 2020-2021.
Enrollment in programs regulated by the Commission on Higher Education increased to 68 percent in SY 2021-2022 from 57 percent the previous SY.
Nine-month operating income amounted to P408 million, up by 325 percent from P96 million year-on-year.
Gross revenues went up 26 percent to P1.92 billion from P1.52 billion.
The company said it gradually started to implement limited face-to-face classes for schools in areas under Alert Level 1 for identified high-stake tertiary courses and selected subjects beginning February, March and May for STI Education Services Group, Bacolod City-based STI WNU and Makati City-based iACADEMY, respectively.
Limited face-to-face classes for senior high school students began in April and May 2022 for STI Education Systems Group and STI West Negros University, respectively.
STI group had a network of 63 active schools that included 60 colleges and three education centers as of end-March. STI owns 35 schools, while franchisees operate 28 schools.