STI losses narrow on hike in enrollment

STI Education Systems Holdings Inc., which owns and operates one of the biggest networks of private schools in the Philippines, said its net loss in its fiscal 2023 first quarter narrowed to P42.36 million from last year’s P114.23 million.

Revenues rose 34 percent to P500.4 million from the previous year’s P372.8 million, mostly brought about by the increase in enrollment, as well as improvement in the enrollment mix, with majority of the students availing of courses regulated by the Commission on Higher Education.

STI said enrollment in the schools reached 94,312 compared with 82,629 for school year (SY) 2021-2022.

This represents a 14-percent growth or an increase of 11,683 from the SY 2021-2022 enrollment, with the number of students in the programs regulated by CHED showing an 18-percent hike to 66,309 students this school year from the previous 56,342.

New students contributed significantly to the increase, as they reached a total of 41,565 compared to the number of new students in the previous school year of 35,566.

STI Holdings’ fiscal year starts on July 1 of every calendar year (CY) and ends on June 30 of the following CY.

The group’s total assets as of September 30 amounted to P15.62 billion, 7 percent higher than the P14.57 billion recorded as of June 30.

The increase was driven by the P859.9-million increase in receivables. Receivables from students rose to P1.21 billion in September from P605.1 million in June.