STI Holdings, owner of the largest network of private schools in the Philippines, saw its net income breach P1 billion in the first nine months of its fiscal year on higher student enrolment.
STI said in a disclosure to stock exchange Tuesday nine-month net income, covering the period June 2023 to March 2024, surged 93 percent to P1.1 billion from P579.3 million in the same period last year.
Gross revenues reached P3.4 billion in the same nine-month period ended March 31, 2024, higher by 38 percent than the P2.4 billion in revenues it generated a year earlier.
“The increase was primarily driven by the 27-percent increase in the total number of students of the group for school year 2023-2024,” STI Holdings said.
Its network consisted of 63 schools with 37 owned schools and 26 franchised schools comprising 60 colleges and three education centers as of end-March 2024.
Other schools under STI Holdings are STI West Negros University in Bacolod City and iACADEMY.
STI Holdings earlier said enrollment for School Year (SY) 2023-2024 reached almost 120,000 compared to 94,312 enrollees in SY 2022-2023.
Enrollment in programs regulated by the Commission on Higher Education increased 25 percent to more than 83,000 students from over 66,000 enrollees in SY 2022-2023.
STI Holdings’ financial year is consistent with its academic calendar, which begins on July 1 and concludes on June 30 of the following year.
Net income jumped 69 percent to P600.3 million in the third quarter ended March 31, 2024, from P355.9 million the company earned in the same period last year.
Third-quarter gross revenues increased 42 percent year-on-year to P1.4 billion.
STI announced in February it would acquire the Philippine School of Business Administration (PSBA), which operates two campuses in Manila and Quezon City.
STI said the acquisition would expand the course offerings of the company, increase enrolment and provide additional streams of revenue.
PSBA, founded in October 1963, started as a review and training center for certified public accountants. It started to offer baccalaureate programs in business administration in 1966.
