MANILA, Philippines – STI Education System Holdings, Inc.’s net income from April to December 2012 was up 164% to P587.7 million due to higher enrollment numbers and additional investments.
The healthy growth was propelled mostly by the last 3 months of 2012 when the school operator posted a 1,101% year-on-year income increase to P293.1 million from P26.6 million.
In a disclosure to the PSE on Friday, March 8, the company reported revenues of P1.2 billion for the 9-month period, up 9% from the P1.1 billion posted during the same period in 2011.
“The 9% increase in gross revenues resulted mainly from the increase in the number of students of STI Education Services Group, Inc. and its subsidiaries from 66,740 to 68,363 students this year, resulting in increased revenues from tuition and other school fees,” STI said.
STI aims to boost its total enrollment to 100,000 by 2015. New campuses in Ortigas-Cainta and Caloocan are currently under construction. It is also looking to expand to Las Piñas, Cubao, Davao, Cagayan de Oro, Calamba and Lucena.
STI operates one of the country’s largest network of schools. About 68,000 students are enrolled in 65 STI-branded campuses and 20 educational centers. STI also owns Philippine Women’s University. – Rappler.com