Higher enrollment lifts STI Education net income by 84%

STI EDUCATION Systems Holdings, Inc. saw an 84% increase in its full-year net income for the fiscal year 2024 ended June, rising to P1.61 billion from P873.83 million the previous year.

Gross revenue went up by 38% to P4.7 billion from P3.4 billion last year, STI Education said in a statement to the stock exchange on Wednesday.

Revenue from tuition and other school fees rose by 40% to P4.3 billion from P3.07 billion the year before.

Total costs and expenses also climbed by 18.6% to P2.92 billion from P2.46 billion a year ago.

For the school year 2023-2024, enrollment increased by 27% to 119,543 from 94,312 the previous year.

New enrollees reached 55,982, up by 35% from 41,565 a year ago.

Broken down, STI Education Services Group (STI ESG), which operates 63 campuses nationwide, recorded a 27% jump in enrollment, with 103,982 students across its owned and franchised schools.

STI West Negros University (WNU) in Bacolod City also saw a 30% jump in enrollment to 13,328, while iAcademy had 2,233 enrollees.

STI recently finished various construction projects such as a new building for the school of basic education at STI WNU, as well as new buildings in STI Ortigas-Cainta and STI Lipa.

The company also completed classroom expansion and renovation projects to improve the learning environment for students and faculty.

STI ESG also installed solar panels on several campuses as part of its sustainability initiatives.

On Wednesday, STI shares fell by 0.81% or one centavo to PHP 1.22 per share. — Revin Mikhael D. Ochave