STI Education System Holdings Inc. recorded profit of P56 million in the first half of its fiscal year ending June 2022, reversing the P113.9-million loss last year.
Earnings before interest, tax, depreciation, and amortization (EBITDA) grew 37 percent year-on-year to P419.1 million in the first half from P305.6 million in the same period in the previous year.
STI Holdings said the recovery was on the back of an 18-percent increase in overall enrollment, with 82,629 students enrolling for school year (SY) 2021-2022 from 70,223 in SY 2020-2021.
“The total figure was boosted by the robust 40 percent surge in tertiary enrollment to 56,342 students from 40,176 in the previous SY,” STI said.
STI Holdings said it was able to increase its enrollment even as classes are still being fully conducted online at the start of the current SY with the Philippines and the rest of the world adjusting to the “new normal” way of life.
“Along with the additional enrollment, STI Holdings’ component schools provided support to enable its students to participate in their respective classes,” it said.