Far Eastern University Inc., a listed education institution, said its board approved the appropriation of P2.17 billion of retained earnings for various projects and investments.
The appropriated retained earnings this year is 49 percent higher than P1.46 billion set aside last year.
Of the budget, FEU plans to spend P517 million for expansion projects of its subsidiaries, P662 million for capital expenditures, P900 million for strategic growth investments, P90 million for probable contingency, and P3.73 million for treasury shares.
Last year, the listed university spent P567 million were spent for property and investment acquisition, P803 million in capital expenditures for the purchase of equipment and improvements, P90 million for probable contingency, and P3.73 million for treasury shares.
FEU last year recorded a 13 percent growth in enrollment to 50,281 students, exceeding pre-pandemic levels.
In its nine months ended Feb. 29, FEU reported an 8 percent growth in net income to P1.34 billion while revenue rose 14 percent to P3.9 billion.
