School operator STI Education Systems Holdings Inc. announced that its net profit for the 2022 fiscal year, which ended June 30, reached 416.20 million pesos, or four times more than the 101.7 million pesos recorded in the previous fiscal year .
Gross receipts reached 2.7 billion pesos, up 28 percent from 2.1 billion pesos in the previous fiscal year.
Tuition and other school fees added to the company’s profits as they rose to 2.4 billion pesos, up 26 percent from the previous 1.9 billion pesos.
The increase is the result of the 18 percent increase in enrollment for the 2021-2022 school year. Schools within the network enrolled a total of 82,629 students, which is 12,406 more than the 70,223 enrollments for SY 2020-2021.
Aside from the increase in enrollments, schools also noticed an improvement in the enrollment mix, as the number of students enrolled in higher education commission-regulated programs increased by 40 percent.
Gross profit for the year rose to 1.7 billion pesos, up 41 percent from 1.2 billion pesos last year. STI Holdings also reported operating income of P568.6 million, more than triple the previous P186.7 million.
The financial year of the STI begins on July 1st and ends on June 30th of the following year.
“Schools within the network contributed to the improved bottom line while prioritizing investment in faculty and solutions to provide better quality education for students,” the company said.
Faculty salaries and benefits increased to P359.4 million from P286.1 million due to the increase in faculty membership caused by the increase in student enrollment.
Salary adjustments were also made for high school teachers who had passed their teacher training exams and university teachers with a master’s degree as part of the continuing professional development of faculty members.
STI Education Services Group and STI West Negros University continue to implement the hybrid learning model introduced in 2020, an approach to student development that leverages digital tools and online technology combined with hands-on practice and on-site engagement to advance students’ academic goals achieve through an engaging learning experience.