STI Education Systems Holdings Inc., one of the nation’s largest school networks owned by the Tanco family, reported net income of 241.2 million pesos in the third quarter of its fiscal year ended March 2022, a 192% increase from 82.6 pesos. million it posted in the same period last year.
STI said in a statement to the stock exchange that gross revenue rose 35% to 793.8 million pesos from 589.9 million pesos a year earlier. Operating profit rose 137% year-on-year to P271.6 million.
The company said net profit in the nine months ended March reached 297.2 million pesos, a turnaround from a net loss of 31.4 million pesos in the same period l last year.
He said the rebound in financial performance was due to an 18% increase in total enrollment to 82,629 students for the 2021-2022 school year from 70,223 in the 2020-2021 school year.
Enrollment in programs regulated by the Higher Learning Commission rose to 68% in the 2021-2022 school year, from 57% the previous year.
Nine-month operating profit was 408 million pesos, up 325% from 96 million pesos year-on-year.
Gross revenue increased by 26%, from 1.52 billion pesos to 1.92 billion pesos.
The company said it had gradually started rolling out limited face-to-face classes for schools in areas under Alert Level 1 for identified high-stakes tertiary classes and selected subjects starting in February, March and May for STI Education Services Group, Bacolod City-based STI WNU and iACADEMY based in Makati City, respectively.
Limited face-to-face classes for high school students began in April and May 2022 for STI Education Systems Group and STI West Negros University, respectively.
The STI group had a network of 63 active schools which included 60 colleges and three education centers at the end of March. STI owns 35 schools, while franchisees operate 28 schools.