STI breaches P1B profit mark

TANCO-led private school network operator STI Holdings hit the P1-billion earnings milestone at the end of its fiscal year ending March, gaining from an increase in student population and improved enrollment mix for the past academic year.

Net profit for the fiscal year grew by 47 percent to P1.07 billion, with the increase in enrolments complemented by a favorable mix of course take-up in schools owned by STI Education Services Group and other franchised schools, the group disclosed to the Philippine Stock Exchange.

STI Holdings president Monico Jacob said the increase in profit should allow STI to pursue further its mission to provide quality and affordable education to Filipinos.

“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,” he said.

A total of 84,764 students were enrolled in schools under STI during the 2015-2016 academic year, 4,564 more than the enrollees during the previous year.

About 86 percent of the enlarged student population had enrolled in four-year Commission on Higher Education (CHED)-sanctioned courses. Last year, the percentage of students in CHED program was at 82.

Only 12 percent enrolled in short-term technical courses, lower than the 16 percent share in the previous year.

The higher number of students and the more favourable mix of enrollees allowed STI to collect 17 percent more tuition and other school fees amounting to P2.27 billion compared to the level last year.

STI ended its financial year last March 31, 2016, following a fiscal year that mirrors the academic cycle in the Philippines.

The company’s total assets rose to P10.5 billion from P10.04 billion in the previous year.