FEU’s full-year net income climbs 24%
LISTED educational company Far Eastern University, Inc. (FEU) has recorded a 24% jump in its attributable net income for its fiscal year that ended in May on the back of higher revenues.
In a stock exchange disclosure on Thursday, FEU said its bottom line improved to P1.87 billion from P1.50 billion a year ago, with total revenues rising 20% to P4.94 billion from P4.13 billion previously.
“Educational revenues grew by 20% mainly on account of the increase in student population, with a favorable mix as a significant portion of the new students were in tertiary. There was no tuition fee increase for the third straight year,” the company said.
FEU said the group served more students during the year because of the strong first-semester enrollment.
“Operations reflected a post-pandemic environment wherein all related student activities and services delivered were done mostly on-campus,” it added.
According to the company, it had a student population of 50,281 in the first semester of the school year (SY) 2022-2023, higher than the 44,550 in SY 2021-2022.
“The first semester has the highest number of students enrolled. For the second semester, the enrollment is approximately 90% of the first semester’s enrollment, while the midyear term is the lowest at an approximate of 33%,” FEU said.
Meanwhile, FEU said it is optimistic that it will maintain its “strong financial position” and sustain its “sound operating results.”
The company added that it expects an increase in student population for SY 2023-2024.
“The group is positive on the favorable effect on its operations of the country’s positive economic developments, however, still cautious with the factors that might curb faster economic growth,” it said, citing inflation, global geopolitical uncertainties, and the looming effect of the El Niño phenomenon, which is expected to hit the country at the later part of the year.
Shares of FEU were last traded on Sept. 12 when they closed unchanged at P560 apiece. — Revin Mikhael D. Ochave
