LISTED private school network STI Education Systems Holdings Inc. reported a more than 13-fold rise in net income for its fiscal first quarter ended Sept. 30, 2024, to P263.2 million from P19.75 million in 2023, driven by significant growth in enrollment for the current academic year.
STI said that gross profit for the period rose to P706.2 million from P377.7 million, with gross profit margin rising to 68 percent from 58 percent a year earlier.
A 15-percent increase in total enrollment to 138,060 students and the early start of classes for the current school year (SY) 2024-2025 was said to have generated P1 billion in total revenues, 60 percent higher than last year’s P650.6 million.
“The significant growth in enrollment played a pivotal role in enhancing the company’s financial performance,” STI said.
Total assets stood at P17.52 billion, up 14 percent quarter-on-quarter from P15.44 billion recorded as of end-June 2024, due to a rise in receivables arising from current enrollment and continued investments in property and equipment.
STI claimed that its strong market position stemmed from a successful integration of strategic initiatives and that sustainability efforts also contributed to an improvement in cost efficiency across its campuses.
It added that programs regulated by the Commission on Higher Education registered more than 100,000 students, a 20-percent rise from the previous year, highlighting the increasing demand for STI’s offerings.
The company said that it was also continuing to invest in infrastructure development at its campuses and recently completed property acquisitions in Alabang and Tanauan, Batangas for the construction of future STI Academic Centers as well as the completion of a P243.2-million School of Basic Education building at the STI West Negros University.
Ongoing renovation across existing campuses is underway to expand classroom capacity, the company added.
STI shares on Monday fell 1.56 percent to close at P1.26 apiece.
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