STI Holdings posts 9-month net income of P190 million

STI Holdings, owner of one of the largest networks of private schools in the Philippines, recorded a net income of P190.4 million for the past nine months ending December 31, 2018.

During this period, the company generated P2 billion in gross revenues and a gross profit of P1.2 billion.

In a report submitted to the Philippine Stock Exchange on Thursday, STI Holdings said its net income was lower than the same period during the previous year, which was P311.6 million.

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 education services.

The company’s total assets amounted to P15.4 billion as of December 31, 2018, which is 7 percent, or P978.3 million higher than the balance as of March 31, 2018.

The increase in assets is largely attributed to the increase in property and equipment resulting from the ongoing construction projects for its schools. These projects include the construction of school buildings for the new sites of three schools. The school building of STI Santa Mesa in Manila is substantially complete and the remaining works are, likewise, expected to be finished before the end of the school year. STI Pasay-Edsa and STI San Jose del Monte in Bulacan are expected to be operational in the next few months to accommodate enrollees for the coming school year.

STI Lipa also started operations in the new building in August 2018, specifically from the ground up to the fourth floor. The remaining works from fifth floor up to the roof-deck and the basketball gymnasium at the seventh f loor are expected to be completed before the end of the school year. iAcademy’s Nexus campus was also substantially completed in the same period.

STI Holdings has three subsidiaries involved in education: the STI Education Services Group (STI ESG), STI West Negros University (STI WNU) and iAcademy.

STI ESG’s network of schools totals 75 with 38 owned schools and 37 franchised schools comprising 68 colleges and seven education centers.

From offering various degrees related to Computer Science, STI ESG showed its strength beyond IT by expanding the existing programs to bachelor’s degrees in the fields of Business Administration, Computer Engineering, Hospitality Management, Tourism Management, Accountancy, Communications and Multimedia Arts, among others.