“With the uncertain, complex, and fast-changing mix of economic, political, geopolitical, and other relevant factors, the group’s outlook on the financial market and the overall economic condition remains conservative,” FEU said in its latest annual report.
The nearly century-old institution, led by the Montinola family, also noted that easing inflation offers room for cautious optimism, so long as this trend continues.
Strong financial performance
FEU said the 2023-2024 period was a “banner year for the group, particularly in terms of enrollment and results of operations.”
It finished the period with a net income of P2 billion, an increase of 7 percent, while revenues grew 11 percent to P5.53 billion.
This came on the back of higher enrollments amid a “modest tuition rate increase” for new students. It kept tuition fee payments unchanged for the past three years, the filing showed.
The FEU network had 53,982 students in 2024—higher than 50,798 the previous period.
Most valuable listed school
Based on PSE data, FEU was the most valuable school on the stock exchange, with a market value of nearly P17 billion. This was larger than the three other listed institutions: STI Education Systems Holdings (P11.5 billion), iPeople Inc. (P6.1 billion), and Centro Escolar University (P4.94 billion).
Last week, FEU declared total cash dividends to stockholders worth P384.9 million or P16 per share. These will be paid on Oct. 17, 2024, to stockholders of record as of Oct. 1 this year.
Focus on healthcare
In the report, FEU said it expanded its healthcare programs with two new programs in FEU Manila – Nutrition and Dietetics, and Pharmacy.
The move was “aimed at addressing the growing demand for healthcare professionals around the world, which was highlighted by the recent pandemic.”
FEU also has a venture through the JPMC College of Health Sciences in Brunei. Thus, FEU became the first Philippine university to receive a transnational permit for nursing from the state-run Commission on Higher Education.
Long history
FEU was founded in 1928, and its corporate arm, Far Eastern University, Inc., was incorporated in 1933. It is the majority shareholder of several educational institutions and has real estate investments through Fern Realty Corp..
It also owns stakes in ventures such as Edustria, Inc., a joint venture with the Technological Institute of the Philippines (T.I.P.), the JPMC College of Health Sciences in Brunei, Good Samaritan Colleges, Inc. in Nueva Ecija, and Higher Academia, Inc. in Pampanga.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
