CENTRO Escolar University (CEU) reported a 55.8-percent surge in net income to P617 million for its fiscal year ended May 2024 from P396 million the previous year, driven by higher revenue from tuition and other school fees, rental income, and a modest rise in student enrollments.
The university said revenues rose to P2.4 billion from P1.9 billion previously due to a 5-percent increase in tuition and other school fees.
The increase was implemented on students who were in their second year of college and higher, CEU said, noting that no rebates were given out on its miscellaneous fees as the hybrid class modality was implemented during the period.
Revenue from tuition and other fees grew 28.5 percent while rental income grew by 20.8 percent, it said in its annual report presented during CEU’s annual stockholders’ meeting last October 5.
The deferral of revenues for June 2023, due to the extension of the academic year when a health break was implemented by the city government, also helped boost its bottom line.
Established in 1907 and incorporated in 1932, CEU operates four campuses: CEU Mendiola that contributed P461.4 million to group net income; CEU Makati-Legaspi, which netted P80.32 million; CEU Malolos (P55.7 million); and CEU Makati-Buendia (P54.8 million).
CEU shares on Friday rose 32 centavos, or 2.35 percent, to P13.96 apiece.
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