STI Education Systems Holdings, Inc. reported a third-quarter net income of P152.6 million, up 10% compared with what it earned in the same period a year earlier.
In a disclosure to the stock exchange, the listed company that owns one of the largest private school networks in the country, said revenues for the three-month period ending Dec. 31, 2019 rose by 5% to P813.2 million.
“The increase was due to the improvement in the mix of students enrolled. A total of 55% or 45,902 of the group’s 83,967 total student population are enrolled in programs regulated by the Commission on Higher Education (CHED). Last school year’s percentage of students enrolled in CHED programs was at 50%,” it said.
The holding firm’s earnings before interest, taxes, depreciation, and amortization (EBITDA) rose 13.4% to P377 million while EBITDA margin grew to 46% from 43% in the same period a year earlier.
STI Holdings said operating income during the period increased by 5% to P187.3 million.
“As the company’s line of business is in education, STI Holdings’ fiscal year begins in April and ends in March of the following year, which is aligned with the schools’ academic calendars. For school year 2019-2020, though, the opening of classes was moved to July from June,” it said.
The firm has three subsidiaries involved in education, namely: STI Education Services Group (STI ESG), STI WNU, and iACADEMY.
STI ESG’s network totals to 76 schools, with 38 owned schools and 38 franchised schools comprised of 69 colleges and seven education centers.
Founded on Feb. 14, 1948, STI WNU was granted its university status by CHED on Feb. 11, 2008. STI WNU’s campus sits on a 3.1-hectare property in Bacolod City.
iACADEMY is the premier school in the group that has senior high school and college programs focused on computing, business, and design.
On Friday, shares in STI Holdings slipped by 1.72% to close at P0.57 each. — Victor V. Saulon