STI Holdings' Revenue Hits ₱500-M In Q1
STI Holdings, which owns and operates one of the biggest networks of private schools in the Philippines, posted revenue of P500.4 million for the three-month period ended September 30, 2022.
Photo Insert: The Group's total assets as of September 30, 2022, amounted to P15,624.3 million, 7% or P1,046.4 million higher than the P14,577.9 million balance as of June 30, 2022. which was driven by the P859.9 million rise in receivables.
The amount is 34 % or P127.6 million higher than the P372.8 million it generated during the same period last year, STI Holdings said in a disclosure to the Philippine Stock Exchange filed Monday.
The increase in revenues was mostly brought about by the increase in enrollment, as well as improvement in the enrollment mix, with the majority of students availing of courses regulated by the Commission on Higher Education.
STI Holdings said enrollment in the schools under STI Holdings reached 94,312 compared with 82,629 for School Year (SY) 2021-2022.
This represents a 14% or 11,683 increase from the SY 2021-2022 enrollment, with the number of students in the programs regulated by CHED showing a robust 18% increase from 56,342 students in the previous school year to 66,309 this school year.
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, presenting a 17% increase in the total number of new students.
STI Holdings' fiscal year (FY) starts on July 1 of every calendar year (CY) and ends on June 30 of the following CY. Being in the business of education, the Group's FY follows that of its SY.
Apart from the surge in revenues, STI Holdings also posted PI17.1 million in earnings before interest, taxes, depreciation, and amortization, or EBITDA. The three-month period earnings, which ended September 30, 2022, was an increase of P72.7 million from P44.4 million registered during the same period last year.
The Group's total assets as of September 30, 2022, amounted to P15,624.3 million, 7% or P1,046.4 million higher than the P14,577.9 million balance as of June 30, 2022. which was driven by the P859.9 million rise in receivables. Receivables from students increased from P605.1 million as of June 30, 2022, to P1,214.3 million as of September 30, 2022.
Receivables from the Department of Education for Senior High School vouchers likewise registered an increase of P269.2 million. These receivables are expected to be collected during the rest of the school term to which they pertain.