STI Holdings Inc., the owner and operator of one of the biggest networks of private schools in the Philippines, said Friday nine-month net income ended March 2023 jumped by 95 percent to P579.3 million brought about by the rise in enrollments.
STI said in a disclosure to the stock exchange nine-month gross revenues reached P2.4 billion, which was 27 percent higher than P1.9-billion revenues recorded in the same period last year on higher the number of enrollees and improvement in the enrollment mix of the for the school year 2022-2023.
STI fiscal year starts on July 1 of every year and ends on June 30 of the following year.
Tuition and other school fees, which reached P2.1 billion in the nine-month period, increased by 25 percent compared to the same period last year.
The number of new students enrolled in Commission on Higher Education programs improved by 17 percent to 25,849 for the current school year versus the previous school year of 22,142.
STI schools now have a total of 94,312 enrollees for school year 2022-2023, which is 14 percent higher than the 82,629 students population registered in the previous school year.
“STI Education Services Group’s wholly-owned and franchised schools registered an enrollment of 81,697 students, 8,947 or 12 percent more than the enrollment in SY 2021-2022. Percentage-wise, STI West Negros University registered the highest increase at 35 percent for this SY compared to last SY,” STI said.
TI said its school network also reported an increase in revenues from other sources, such as educational services and royalty fees, on higher enrollments and more frequent face-to-face classes.
It said in the three-month ended March 2023, it recorded a net income of P355.9 million, up 48 percent year-on-year as gross revenues climbed 24 percent to P982 million.
STI was operating a network of 63 schools, including 60 colleges and three education centers as of end-March.
STI Alabang became as wholly-owned subsidiary of the company in March after it acquired 60-percent interest in the school from the former franchisee.