STI Education Systems Holdings Inc., owner of one of the country’s largest network of schools, registered a net income of P101.7 million in the fiscal year ending June 30, 2021, a reversal from the P117.5-million net loss in the same period last year.
STI said in a disclosure to the stock exchange while enrollment significantly dropped because of the pandemic, the cost management measures implemented by the group helped the company deliver positive results.
“Even as enrollment dropped due to the pandemic, we purposely chose to stay committed to the education of youth in these challenging times. In doing so, we innovated our technology-enhanced programs that will enable our students to continue learning even through a different setup to ensure their health and safety,” said STI Holdings president and chief executive Monico Jacob.
STI, led by the Tanco family, said enrollment in the school year 2020-2021 reached 70,223, down 6.1 percent from 74,798 in the school year 2019-2020.
A survey conducted by STI’s unit STI Education Services Group showed that some students did not pursue education in the last school year amid financial difficulties brought about by the pandemic.
“While our learning setup has worked this past school year, we certainly are looking forward to better and brighter times ahead. With the downtrend in the number of new COVID-19 cases, we hope to be able to return soon to a flexible blended learning mode that is a mix of online and face-to-face classes and hands-on learning activities, which would benefit our students and faculty members in the long run,” Jacob said.
Operating expenses fell 16 percent to P1.03 billion from P1.21 billion. The group’s cash and cash equivalents also went up by 76 percent to P1.47 billion from P836.2 million.
Meanwhile, the group netted P147.2 million in one-time gain from the sale of STI ESG’s stake in Maestro Holdings for P480.5 million. This was used to partially fund the company’s P281.9-million capital expenditures.
Beginning school year 2020-2021, STI fiscal year starts on July 1 and ends on June 30 the following calendar yearn line with the shift in academic calendar.