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STI Holdings year-long assets grow to ₱14.8 B; net income reaches ₱284 M

2019-07-15

 

STI Holdings today said it is ready for the coming school year (SY) 2019-2020.

The company, which owns one of the largest networks of private schools in the Philippines, said that it completed 4 new campuses in SY 2018-2019 – STI Lipa, STI San Jose Del Monte, STI Sta. Mesa and STI Pasay-EDSA, which are already accepting tertiary and senior high school students for the first semester of SY 2019-2020. STI Holdings continues to reach out to more students by establishing greater presence in the provinces.

As a result of the completion of this expansion program, the company grew its assets to ₱14.8 billion for the year ended March 31, 2019, which was ₱359.1 million higher than last year's ₱14.4 billion. In the meantime, the company recorded a net income of ₱284 million in the same year. It also posted a healthy EBITDA (earnings before interest, taxes, depreciation and amortization) of ₱1 billion.

The company said that the asset growth is mostly due to the ₱1.5 billion increase in property and equipment, which reflects the continued drive of STI Holdings, through STI Education Services Group (STI ESG), to provide state-of-the-art facilities for today's students in strategic locations throughout the country.

The latest STI ESG's expansion projects include construction works in STI San Jose del Monte, which have been completed last March 31, 2019. At the same time, the newly constructed buildings of STI Sta. Mesa and STI Pasay-EDSA have also been substantially completed.

Meanwhile, STI Lipa started operations in its new building in August 2018, specifically from the ground up to the fourth floor. The remaining works from the 5th floor up to the roof-deck and the basketball gymnasium at the 7th floor were completed last March.

The construction-in-progress account includes costs related to the replacement of three elevators in iACADEMY Plaza in Buendia Ave., Makati City amounting to ₱10.6 million.

STI ESG also entered into a contract to sell in January 2018 for the acquisition of a lot situated at Barangay San Rafael, Iloilo City for ₱183.05 million. This lot is earmarked as the future site of STI Iloilo.

In line with the company's thrust to continue providing an opportunity for fresh Grade 12 graduates to pursue their tertiary education, STI ESG accepted two freshmen batches this SY 2018-2019. Classes for the first batch started in June 2018 while classes for the second batch started in August 2018.

STI ESG's implementation of two college freshmen batches is aimed at accommodating late enrollees who waited for acceptance by government-run colleges and universities in anticipation of the free college education under the Universal Access to Quality Tertiary Education Act.

It was also implemented to allow STI schools nationwide to eventually align the school calendar with that of public colleges as well as other private colleges and universities not only in the Philippines but in the Southeast Asian region as well.

A total of 85,797 students enrolled in schools owned by STI Holdings for academic year 2018-2019. A total of 43,202 enrolled in CHED programs; 40,752 enrolled in DepEd programs, mostly in Senior High School; while 1,843 enrolled in short-term TESDA courses.

STI Holdings' fiscal year officially ends on March 31 as the company's business is linked to the academic cycle. The academic cycle which is one academic year starts in the month of June and ends in the month of March, except for iACADEMY where the academic year starts in July for the tertiary level and August for the SHS and with both levels ending in June of each year.

 

 

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