STI Education Systems Holdings Inc. grew its profit in the first half of its fiscal year ending June 2024 by 132 percent to P517.8 million from P223.19 million in the same period in 2023.
Revenues rose 36 percent to P2 billion from P1.4 billion the prior year.
STI said it realized an earnings before interest, taxes, depreciation, and amortization (EBITDA) of P934.6 million, up 53.91 percent from P607.2 million in 2022.
“The impressive financial results were mainly driven by the rise in overall student enrollment,” said the Tanco-led school group.
The company earlier said enrollment in the schools breached the six-digit mark as the number of students for school year (SY) 2023-2024 reached almost 120,000 compared to 94,312 enrollees in SY 2022-2023, representing an increase of 27 percent.
Enrollment in programs regulated by the Commission on Higher Education grew 25 percent to more than 83,000 students compared to enrollees in SY 2022-2023 of over 66,000.
“A total of 103,982 of the entire student population of 119,543 enrolled in schools operated by the STI Education Services Group. The rest were students of iACADEMY and STI WNU (West Negros University),” it said.
