Globe Telecom Inc. reported a 6 percent increase in net income for the first nine months of 2024, reaching P20.6 billion, up from P19.4 billion during the same period last year. The Ayalaland-led telecommunications company’s results underscore its solid operational performance, boosted by its resilience and strategic focus on core business areas.
Excluding the one-time gain from a tower sale, Globe’s normalized net income stood at P17.8 billion, reflecting a 20 percent year-on-year growth. Additionally, the company’s core net income, which excludes non-recurring charges, foreign exchange fluctuations, and mark-to-market items, rose by 19 percent to P17.6 billion in the first nine months of 2024.
Ernest Cu, Globe president and CEO, attributed the company’s performance to its agile business model, which enabled it to achieve impressive EBITDA results and strong core net income growth. “Our unwavering resilience and agility have propelled us forward, leading us to extraordinary accomplishments,” Cu said. “With the country’s digital economy poised for expansive growth, Globe is committed to empowering Filipinos across all economic segments.”
The company’s robust performance was also reflected in its gross service revenue, which amounted to P124 billion, a 2 percent increase compared to the same period last year. Quarter-on-quarter, revenues also rose by 2 percent, reaching P41.8 billion.
Mobile revenue was a standout, reaching a record P87.7 billion, surpassing the previous peak of P83.2 billion in 2023. Globe’s corporate data business also set a new revenue record of P15.5 billion, up 14 percent year-on-year.
However, Globe’s home broadband segment faced challenges, with revenue decreasing by 6 percent to P17.9 billion. The decline was attributed to a shift in consumer preferences, with fewer customers opting for fixed wireless services in favor of fiber-based products. The company also saw a 3 percent drop in its home broadband subscriber base, from 1.75 million to 1.70 million.
Non-telecom revenues saw a sharp decline of 56 percent, falling to P1.8 billion, down from P4.1 billion in 2023. This drop was primarily due to the deconsolidation of ECPay from Globe’s books after the sale of a 77 percent stake in the business to Mynt.
Despite the challenges, Globe’s strategic focus on network improvement, digital innovations, and strengthening its core telco business positions it well for future growth, Cu emphasized. The company’s growth trajectory, coupled with its adaptability, signals a strong outlook in the rapidly expanding digital economy.
