STI Education Systems Holdings Inc., which owns and operates one of the largest networks of private schools in the Philippines, announced that its net loss narrowed to P42.36 million in the first quarter of fiscal 2023 from P114.23 million in the prior year .
Revenue rose 34 percent to P500.4 million from P372.8 million last year, primarily due to the increase in enrollment as well as the improvement in the enrollment mix, with the majority of students taking courses taught by the Commission on Higher Education.
STI said school enrollment reached 94,312, compared to 82,629 for the 2021-2022 school year (SY).
This represents a 14 percent growth, or increase of 11,683, from SY 2021-2022 enrollment, with the number of students in CHED-regulated programs this school year registering an 18 percent increase to 66,309 students from the previous 56,342.
Freshmen contributed significantly to the increase as they totaled 41,565 compared to the number of freshmen the previous school year of 35,566.
The fiscal year of STI Holdings begins on July 1st of each calendar year (CY) and ends on June 30th of the following fiscal year.
The group’s total assets as of September 30 were P15.62 billion, up 7 percent from June 30’s P14.57 billion.
The increase was driven by an increase in claims of P859.9 million. Loans and advances to students rose to P1.21 billion in September from P605.1 million in June.