Globe Telecom, the telecommunications and fintech arm of the Ayala Group, reported a slight dip in its net income for 2024, posting P24.3 billion—down 1 percent from the previous year’s P24.6 billion–due primarily to fewer sale and leaseback deals and one-off gains from tower sales, as well as higher depreciation costs and non-operating charges.
Excluding these non-recurring factors, Globe’s normalized net income reached P21.7 billion, reflecting a 13 percent year-on-year increase. Core net income also saw a healthy 14 percent growth, totaling P21.5 billion for 2024.
Globe’s financial performance was bolstered by a 2 percent rise in consolidated gross service revenue, which hit a new high of P165.0 billion. This achievement came despite challenges such as home broadband normalization, the deconsolidation of ECPay, and a sluggish consumer spending environment due to inflation and natural calamities. The mobile and corporate data sectors were the main revenue drivers, collectively contributing 83 percent to total gross service revenue. Mobile data revenue, in particular, surged to P97.4 billion, a 7 percent growth and representing 83 percent of mobile revenue.
Mobile revenue grew 4 percent, reaching P116.7 billion, while corporate data revenue surged 11 percent to P20.4 billion, driven by robust demand for Information and Communication Technology and cybersecurity solutions. Globe’s mobile customer base expanded to 60.9 million subscribers, a 7 percent year-on-year increase, and mobile data traffic grew 7 percent, reflecting the shift toward data-driven services.
In terms of capital expenditures, Globe strategically reduced its investments in 2024, reporting a 20 percent drop in cash capex to ₱56.2 billion. This decision was in line with its goal to optimize capital utilization and improve free cash flow, with 90 percent of the capex allocated to expanding its data network. The company added 1,212 new cell sites and enhanced over 4,600 existing sites with LTE technology. It also deployed more than 67,000 fiber-to-the-home lines and rolled out 587 new 5G sites, pushing its 5G coverage to nearly 99 percent in Metro Manila and key cities in the Visayas and Mindanao.
“Globe’s 2024 performance highlights our resilience and adaptability in a shifting digital landscape. Strong EBITDA, a solid business model, and growth in Core NIAT demonstrate our ability to thrive in this evolving market,” said Ernest L. Cu, president and CEO of Globe Telecom Inc. “As a leading digital company, we remain focused on driving digital transformation in the Philippines. These results lay a strong foundation for 2025, as we continue to prioritize network upgrades, innovate digitally, and strengthen our telco business to expand our market presence and create greater value for stakeholders.”
