Listed STI Holdings Education Inc. managed to grow it net earnings by almost half during its fiscal year ending March 2016 on increased number of enrollees.
In its report to the Philippine Stock Exchange, the school said its net income rose by 47 percent to P1.07 billion from the P731.4 million realized during the comparable period from a year before.
Gross revenues likewise increased but at a slower pace of 16 percent to P2.58 billion from previous year’s P2.22 billion.
STI attributed its growth to the rising number of enrollees and courses available to students in schools owned by STI Education Service Group and other franchised schools.
“For STI Holdings, education is both an enterprise and a vocation to give more of our countrymen access to education that will make them, especially the young ones, more competitive not just locally, but also globally,” STI President Monico Jacob said.
The company concluded its financial year last March 31, with the firm observing a fiscal year period from April to March or about the same period of the academic school year in the country. Most of its revenues are generated from its education services, the company said.
Some 84,764 students were enrolled in its schools during the 2015-2016 academic year, or 4,564 more than its 80,200 students in the previous year.