STI Education Systems Holdings Inc., which owns and operates one of the biggest networks of private schools, more than doubled its net income for the fiscal year ended June 2023 on increased enrollment.
STI said in a financial report filed with the Philippine Stock Exchange its net income reached P873.8 million in the year ended June 30, 2023, up from P416.2 million in the same period last year.
Operating income improved by 66 percent to P944 million for the year as the increase in the student population and improvement in the enrollment mix resulted in higher revenues.
Consolidated gross revenue amounted to P3.4 billion, up 27 percent from P2.67 billion a year ago.
Group-wide enrollment increased 14 percent to 94,312 students in SY 2022-2023 from 82,629 students in SY 2021-2022.
New enrollment in schools under STI Holdings for the school year (SY) 2022-2023 also went up by 17 percent to 41,565 compared with the 35,566 new students in SY 2021-2022.
STI Holdings’ wholly-owned and franchised schools showed a 12-percent increase in enrolment to 81,697 students, with STI West Negros University registering the highest increase at 35 percent.
Revenues from educational services and royalty fees both increased by 19 percent. This resulted from the higher number of enrollees of franchised schools, which improved by 8 percent to 27,539 in SY 2022-2023 as well as an improvement in the collection efficiency of the franchised schools.
Sale of educational materials and supplies jumped 292 percent to P115 million also due to increase in the number of enrollees.
STI Holdings’ network consisted of 63 schools with 37 owned schools and 26 franchised schools comprising 60 colleges and 3 education centers as of end-June.
