STI EDUCATION Systems Holdings, Inc. reported on Thursday that its attributable net income during the three months ending March rose 47.4% to P352.39 million from P239.09 million a year ago.
In the company’s financial statement, it reported a 24.1% jump in revenues during the quarter to P982.2 million from P791.55 million, driven by a 14% increase or 11,683 in the total number of students for the school year (SY) 2022-2023.
STI Holdings’ fiscal year starts on July 1 of every year and ends on June 30 of the following year to coincide with its school year.
The bulk of revenues during the January-to-March period was contributed by tuition and other school fees, which jumped by 26.5% to P891.85 million from P704.91 million in the same period last year.
Cost and expenses for the period likewise rose by 14.1% to P596.02 million from P522.19 million, driven by an increase in general administrative expenses to P327.42 million.
For the nine months ending March, the company recorded a 95.5% surge in attributable net income to P578.69 million from P295.94 million.
The company now has 94,312 enrollees versus the 82,629 students taken in during SY 2021-2022.
Its units STI Education Services Group, Inc.’s wholly owned and franchised schools registered an enrollment of 81,697 students, 12% or 8,947 more than the enrollment in SY 2021-2022.
STI West Negros University registered the biggest increase in enrollments at 35%.
The company’s top line for the period went up by 27% to P2.42 billion from P1.91 billion in the same period last year, also propelled by an increase in the enrollment mix of the group.
Its tuition and other fees during the nine-month period hit P2.14 billion, up 24.4% from P1.72 billion in the same period last year.
STI Holdings’ cost and expenses for the period went up 15.9% to P1.75 billion from P1.51 billion the previous year. This was due to a 17.8% rise in its general and administrative expenses for the period to P961.23 million from P815.79 million in the same period the prior year.
“Schools also reported revenues from other sources as a result of increased enrollments and more frequent face-to-face classes,” the company said.
STI Holdings has three subsidiaries, namely: STI Education Services Group, STI West Negros University, and iAcademy.
On Thursday, STI shares closed unchanged at P0.35 apiece. — Adrian H. Halili