STI revenue rises by 13%
Education network operator STI Holdings reported a 13-percent year-on-year growth in gross revenue to P1.36 billion in the first nine months of its current fiscal year as its schools expanded enrollment base.
In a statement, STI said schools operated by STI Education Services Group (STI-ESG) and its subsidiaries increased student population to 71,195 as of end-December 2013 from 68,363 a year ago.
STI-ESG schools also had more students enrolling in four-year Commission on Higher Education (CHEd)-approved courses than the two-year programs under Technical Education and Skills Development Authority (Tesda). About 76 percent of enrollees were in four-year programs and 24 percent in two-year programs, as compared to the 70-30 percent mix in 2012.
One iAcademy, a high-end technology school that serves as a training ground for globally competitive professionals, also contributed P91 million in revenue during the period.
A recently acquired university, West Negros University in Bacolod City, contributed P34.6 million to the pie from October to December 2013.
STI Holdings said it was well on track with its ambitious expansion program.
Its biggest campus to date, the STI Orca in Cainta, is fully operational.
In the meantime, construction is ongoing for schools in Cubao and Calamba.
“The group also acquired a real estate property, with buildings, in Batangas City to serve as new site for STI College Batangas, a school purchased in September from a franchisee,” said STI Holdings, adding the cost of renovation there had reached P18.8 million to date.
Earlier, the company announced the inauguration of its new campus in Caloocan City. Construction of a new campus in Lucena has also started.
