STI Lucena | PHOTO: sti.edu
More enrollments in its schools caused an 84-percent surge in the earnings of Tanco-led STI Education Systems Holdings Inc. during its full fiscal year that ended in June.
In a stock exchange filing on Wednesday, STI said its net income reached P1.6 billion from P873.8 million the previous year.
Gross revenues likewise expanded by 38 percent to P4.7 billion, also driven by high enrollment numbers.
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Enrollment for school year 2023 to 2024 stood at 119,543 students, up by 27 percent on a “substantial” growth in new students.
Broken down, STI Education Services Group, which operates the 63 STI-branded campuses across the country, booked a 27-percent uptick in enrollment to 103,982.
STI West Negros University (WNU) in Bacolod City, meanwhile, reported a 30-percent growth in enrollment to 13,328 students.
The climb in enrollment numbers resulted in a P1.2-billion increase in tuition and other school fees to P4.3 billion, according to STI.
At the same time, enrollment in programs regulated by the Commission on Higher Education grew by a quarter to more than 83,000 students.
Department of Education programs, meanwhile, grew by 31 percent to 34,709 students.
Apart from STI WNU, which offers programs and courses from pre-elementary to graduate school, the group also operates iACADEMY, which offers specialized programs in senior high school and college in Makati City.
STI plans to build new schools “in the future” at two properties it recently secured in Tanauan, Batangas province and South Park District in Muntinlupa City.
“The establishment of new campuses is part of STI’s long-term strategy to expand its presence in key cities across the Philippines, providing more students with access to high-quality education,” the company said in its filing.
The group is also expanding existing schools and renovating campuses to “enhance the learning environment for students and faculty.”
In February, STI unveiled plans to acquire the Manila and Quezon City campuses of the Philippine School of Business Administration to further broaden its network.