STI Holdings reports P171-M profit in second quarter

STI Education Systems Holdings, Inc. generated a P171.09-million net income attributable to the parent firm in its second quarter ending Dec. 31, 2021 after the company saw an 18% increase in revenues.

STI Holdings’ fiscal calendar starts July 1 and ends on June 30 the following year.

In a statement on Tuesday, the listed educational institution said it saw an 18% increase in overall enrollment to 82,629 students for the school year 2021 to 2022 from the 70,223 students enrolled the previous school year. STI Holdings said it saw a 40% increase in tertiary enrollment to 56,342 students from 40,176 previously.

“The increase in our enrollment and in the number of COVID-19 (coronavirus disease 2019) vaccinations throughout the country are signs that the ‘new normal’ may be just in our midst,” STI Holdings President and Chief Executive Officer Monico V. Jacob said.

According to a regulatory filing on Feb. 21, the P171.09-million profits generated during the quarter are nearly double the P90.32 million logged in the same period last year. Total revenues grew 18% to P749.1 million from P632.42 million.

For the first six months, STI Holdings swung to profitability. The listed educational institution recorded a P56.85-million net attributable income, a turnaround from the P112.32-million loss in the same period in 2020.

Meanwhile, its earnings before interest, tax, depreciation, amortization (EBITDA) for the period grew 37% to P419.1 million from P305.6 million last year. The company posted an 11% topline growth to P1.12 billion from P929.06 million.

STI Holdings said classes are still fully conducted online through the ONline and ONsite Education at STI (ONE STI) Learning model for the STI Education Services Group (STI ESG) and STI West Negros University, while iACADEMY uses the Guided Online Autonomous Learning (GOAL) program.

The company said its schools transitioned “seamlessly” as they had a blended learning model even before the pandemic hit.

STI ESG collaborated with the country’s major telecommunications providers for monthly data plans and loads of up to 34 gigabytes, allowing students to access their electronic Learning Management System, Microsoft Office 365 accounts, One STI Student Portal app, among others.

Meanwhile, Bacolod-based STI WNU subscribed to online school management software SchoolAutomate system by GTI Software Developer.

iACADEMY also upgraded its subscription to Adobe Creative Cloud-All Apps to accommodate more students.

“These technological enhancements are our ways of strengthening our commitment to help our students, faculty, and staff, not just survive, but thrive in days to come,” Mr. Jacob said.

STI shares at the stock market closed unchanged at 35 centavos apiece on Tuesday. — Keren Concepcion G. Valmonte