STI Education Systems Holdings, Inc. said its expansion is in “full swing” with new campuses in various stages of construction, bringing the company’s asset base to nearly P1.6 billion.
The construction projects in progress are new sites such as STI Lipa in Batangas, STI Sta. Mesa in Manila, STI Pasay-EDSA, and STI San Jose del Monte in Bulacan, it told the stock exchange on Friday.
“The construction of STI Lipa project (ground level to fourth floor), for instance, was completed last July 2018; the fifth floor up to the roof-deck, as well as the rest of the other buildings, should be completed in November 2018, in time for the second semester,” it said.
STI Holdings is the proprietor of one of the biggest networks of private schools in the country. Its asset growth is largely due to the increase in receivables for tuition and other school fees, as well as the increase in property and equipment acquired for construction projects.
“The expansion and improvement of campuses under STI Holdings is meant to cater to the growing need of young Filipinos to receive education that is relevant to today’s industries,” the listed company said.
The network of schools being managed by group now totals 75, with 38 owned schools and 37 franchised schools comprising of 65 colleges and 10 education centers, STI said.
“As of June 30, 2018, schools under STI Holdings have received a total of 84,229 students — 41,619 of whom are enrolled in courses approved by the Commission on Higher Education,” it said.
“Meanwhile, 40,891 enrolled in Department of Education programs with 39,943 in Senior High School and 948 in basic education. The remaining 1,719 are enrolled in technical courses mandated by the Technical Education and Skills Development Authority,” it added.
STI said the number of enrollees helped bring in total revenue of P460.30 million and a gross profit of P222.6 million during the three months to June.
During the second quarter, the net loss narrowed to P77.74 million from P212.99 million previously.
On Friday, STI shares were unchanged at P1.
