MANILA, Philippines – STI Education Systems Holdings, Inc. (PSE:STI) released its financial statements on Tuesday, February 14, 2017. Consolidated net income earned for the 9-month period stood at P624.3 million as against the net income of P527.8 million from the same period last year for an 18 percent increase.
For the three months ended December 31, 2016, the company generated gross revenues of P837.1 million, up by 14 percent or P100.1 million from the same period last year of P737.0 million. Gross profit likewise increased by P29.8 million or 5 percent year-on-year. Earnings before interest, taxes, depreciation and amortization (EBITDA) increased by P31.4 million to P435.8 million from last year’s P404.4 million.
For the nine months ended December 31, 2016, STI Holdings generated gross revenues of P2,122.8 million, for a 15 percent improvement or P272.0 million from the same period last year of P1,850.8 million. Gross profit likewise increased by 11 percent year-on-year.
The cost of educational services increased by 15 percent from P503.2 million last year to P577.9 million for the same period this year, mainly due to higher expenses directly associated with the increased number of students.
General and administrative expenses slightly increased by 2 percent from P774.2 million last year to P788.0 million this year. Depreciation and amortization expenses rose by P11.4 million as depreciation was disclosed by STI for its completed Las Piñas campus.
The enrollment at the start of the school year of the schools under STI Holdings are as follows:
Total assets of STI Holdings as at December 31, 2016, amounted to P12,067.5 million, 15 percent or P1,567.3 million higher than the balance as at March 31, 2016. This was largely due to the increase in receivables, mostly pertaining to receivables for tuition and other school fees. Noncurrent assets also increased by P360.4 million mainly due to the recognition of the land owned by Neschester arising from the acquisition of Neschester by the Parent Company.
The company disclosed that current liabilities increased by P1,438.0 million to P2,324.7 million as at December 31, 2016 from P886.7 million as at March 31, 2016 This is mainly due to P980.0 million short term loans availed for working capital purposes and the P643.9 million increase in unearned tuition and other school fees arising from the increased enrollment in the current school term.
Total equity attributable to equity holders of the Parent Company slightly increased by 1 percent or P116.9 million.
STI Holdings’ last payment of dividend was on September 30, 2016, cash dividends amounting to P0.02 per share or the aggregate amount of P198.1 million were declared by the Parent Company’s BOD in favor of all stockholders on record as at October 14, 2016, payable on November 10, 2016.
STI shares closed at P1.22 per share as of Tuesday, February 14, 2017.