STI Education Systems Holdings, Inc. (STI Holdings) closed the fiscal period April 2016 to March 2017 with revenues jumping by 14 percent to P2.9 billion from P2.6 billion in the previous fiscal year, the company said on Monday.
The listed firm attributed its strong revenues at end-March 2017 to senior high school (SHS) enrollment in the fiscal period reaching 39,206 enrollees in its network, including iACADEMY and STI West Negros University (STI WNU).
It was in 2016 when the country welcomed the pioneer batch of senior high school students.
“We see the successful implementation of our SHS as a feeder for our college program. We are looking forward to this because this means more and more Filipinos will get to experience the brand of quality education our schools offer,” STI Holdings President Monico Jacob said in a disclosure to the Philippine Stock Exchange on Monday.
Moreover, STI Holdings said it breached the 100,000-mark of enrollees in fiscal year ending March 2017 as enrollment for academic year 2016 to 2017 reached 103,727, up 22 percent from the 84,730 students enrolled in the previous academic year.
Of that number, 57,950 students were enrolled in courses accredited by the Commission on Higher Education, 5,692 were enrolled in Technical Education and Skills Development Authority courses, 39,206 were SHS, and 879 students were in basic education offered by STI WNU.
For the 2016-2017 fiscal year, the company’s total assets rose 36 percent to P14.3 billion from P10.5 billion in the previous year.
Meanwhile, STI Holdings said its net profit in fiscal year 2016-2017 dropped to P644 million from P1.1 billion in the previous fiscal year.
“The amount is lower than the PHP1.1 billion in net income during the previous year, which is actually an exceptional year, as some PHP553.4 million of the said profits were due mostly from the extraordinary gains arising from the dacion en pago [payment in kind]arrangement entered into with PWU [Philippine Women’s University] and Unlad,” the firm noted.
STI was referring to Unlad Resources Development Corporation, the corporate arm of the Benitez family, owners of PWU.