LISTED Far Eastern University Inc. (FEU) reported a net income of P2 billion for the fiscal year that ended May 31, 2024, a result 6.35 percent higher than last year's P1.89 billion.
“The financial position of FEU and its subsidiaries remains strong, stable and well-positioned for further growth opportunities,” it told the stock exchange on Wednesday.
Operating income grew 11 percent to P1.85 billion from P1.66 billion last year while operating expenses likewise grew 11 percent year on year to P3.69 billion, which was attributed to core operational expenditures from its day-to-day operations and other expenses.
Return on assets remained at 11 percent, while earnings per share grew to P81.13.
Its current year liquidity ratio dipped to 1.88:1 from 2.25:1 a year earlier as current liabilities increased from P3.74 billion in 2023 to P3.84 billion in the fiscal year ended May 2024.
“The group maintains reasonable creditor-provided financing to achieve a balanced leverage, with equity-to-asset and debt-to-asset ratios of 79 percent and 21 percent, respectively,” FEU said.
Enrollment for the academic year 2023-2024 grew to 53,982 students from 50,798 a year ago.
“The school year 2023-2024 was a banner year for the group, particularly in terms of enrollment and results of operations,” FEU said.
The university is offering two new programs for the current school year in Manila — Nutrition and Dietetics, and Pharmacy — that aim to address growing demand for health care professionals around the world.
Its international venture in Brunei, through the JPMC College of Health Science, became the first Philippine university to receive a transnational permit for nursing from the Commission of Higher Education, solidifying the global presence of Philippine health care education.
The university also forged a partnership with the incorporation of a joint venture entity, Higher Academia Inc. (HAI).
“With HAI's acquisition of a secondary and tertiary school in San Fernando, Pampanga, the group looks at serving this geographical market, particularly in terms of access to quality education offerings,” it said.
“Operationally, the group anticipates overall enrollment to be modest, with growth greater in basic education versus tertiary due to demographic dynamics,” it concluded.
FEU shares rose P5.00, or 0.70 percent, to P718 apiece on Thursday amid a 1.15-percent uptick for the benchmark Philippine Stock Exchange index.
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