STI Holdings Posts P2.9B Revenues in Q1

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STI Holdings

STI Holdings (PSE:STI) concluded its fiscal year by recording P2.9 billion in revenues in one year ending March 31, up 14 percent from the P2.6 billion it posted during the same period last year.

In a disclosure to the Philippine Stock Exchange, STI Holdings said that total assets grew to P14.3 billion during the reported period, up 36 percent from the a year ago.

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The disclosure forms part of the company’s year-long performance as STI Holdings follows an April to March fiscal year mirroring that of an academic cycle in the Philippines, since the bulk of its income comes from its educational services.

The company, which is the proprietor of one of the largest network of private schools in the country, said the growth in revenues is due to the record number of students enrolled in its schools this current academic year.

For 2016-2017, STI Holdings said enrollments among schools in its network breached the 100,000-mark, or a total of 103,727 students, which is 22 percent higher than the 84,730 enrollees the previous school year.

Boosting the numbers are enrollees in the Senior High School program offered by STI-branded schools, as well as iAcademy and STI West Negros University. Combined, SHS students in these schools total 39,206.

Enrollment for courses accredited by the Commission on Higher Education is at 57,950, while students taking up Technical Education and Skills Development Authority courses number to 5,692.

Meanwhile, the company posted a net income before other income and income tax of P922.1 million, which is 31 percent higher than P702.8 million it recorded last year.

Net profit was P644 million, lower than the P1.1 billion in net income during the previous year, which is actually an exception year as some P553.4 million of the said profits were due mostly from the extraordinary gains arising from the dacion en pago arrangement entered into with PWU and Unlad.

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The arrangement has resulted in the STI Holdings’ acquisition of several properties in Quezon City and Davao City, which the company is holding for capital appreciation. – BusinessTimes.ph

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