STI Education Systems Holdings, Inc. Reported a 132% Increase in Net Income for the First Half of the Financial Year

STI Education Systems Holdings, Inc., the owner of the Philippines' largest network of private schools, maintains its gains from impressive enrollment numbers, reporting a net income after tax of P517.8 million for the six-month period ended December 31, 2023, which is 132% higher than the figures posted during the same period last year.

​In a disclosure filed with the Philippine Stock Exchange (PSE), STI Holdings also said that the company's earnings before interest, taxes, depreciation, and amortization (EBITDA) for the same six-month period drew nearer the billion mark at P934.6 million. This represents an increase of P327.4 million from P607.2 million registered during the same period in 2022.

The company's gross revenues surged to nearly P2 billion, higher by 36% or P520.0 million from the same period last year of P1.4 billion.

​According to STI Holdings, the impressive financial results were mainly driven by the rise in overall student enrollment.

The company earlier said enrollment in the schools breached the six-digit mark as the number of students for Scholl Year (SY) 2023-2024 reached almost 120,000 compared to 94,312 enrollee in SY 2022-2023, representing an increase of 27%.

Enrollment in programs regulated by the Commission on Higher Education (CHED) registered an impressive 25% increase to more than 83,000 students compared to enrollees in SY 2022-2023 of over 66,000.

A total of 103,982 of the entire student population of 119,543 enrolled in schools operated by the STI Education Services Group. The rest were students of iACADEMY and STI WNU.

STI Holdings' financial year is consistent with its academic calendar which begins on July 1 and concludes on June 30 of the following year.

For the three-month period ended December 31, 2023, representing the second quarter of its financial year, STI Holdings said it generated gross revenues of P1.3 billion, which were higher by 39% or P369.7 million from the same period of P938.5 million posted from the previous year.

The company also recorded a net income after tax of P498.1 million this quarter, almost double the P271.0 million recorded for the three-month period ended December 31, 2022.

​STI Education Systems Holdings, Inc. (STI Holdings) has three subsidiaries involved in education: the STI Education Services Group (STI ESG), STI West Negros University (STI WNU), and iACADEMY.