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Manila Bulletin devider Business devider STI profits surge 309% in 2022

STI profits surge 309% in 2022

Published Nov 6, 2022 07:00 pm

STI Holdings posted a 309 percent surge in net income to P416.2 million for its fiscal year ending June 30, 2022 from the P101.7 million earned a year ago.

In a disclosure to the Philippine Stock Exchange, the company said consolidated gross revenues roe 28 percent to P2.7 billion in 2022 from P2.1 billion in the year ended June 30, 2021.

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Tuition and other school fees contributed significantly to the company’s gains as these brought in P2.4 billion this year, up 26 percent from P1.9 billion in 2021.

The increase is a result of the 18 percent growth in enrollment for school year (SY) 2021-2022. Schools within the network took in a total of 82,629 students, 18 percent higher than the 70,223 enrollees for SY 2020-2021.

Apart from the increase in enrollment, the schools also noted an improvement in the enrollment mix with the 40 percent increase in the number of students enrolled in courses regulated by the Commission on Higher Education.

Gross profit increased 42 percent to P1.7 billion for the year ended June 30, 2022 from P1.2 billion last year. STI Holdings also posted an operating income of P568.6 million, an improvement of 205 percent from the operating income of P186.7 million in 2021.

Schools under the network contributed to the improved bottom line, while prioritizing investment in faculty as well as solutions to provide better quality of education for students.

Instructors' salaries and benefits increased 26 percent to P359.4 million from P286.1 million due to the increased number of faculty members brought about by the increase in number of students.

Salary adjustments were also implemented among senior high school (SHS) teachers who passed the Licensure Examination for Teachers and tertiary instructors who have earned a master’s degree as part of the faculty members’ continuing professional education.

STI Education Services Group and STI West Negros University continue to implement the ONline and ONsite Education at STI, or ONE STI Learning Model that was introduced in SY 2020-2021.

iACADEMY started to implement its full online learning program entitled Guided Online Autonomous Learning, or GOAL at the beginning of SY 2020-2021.

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