Globe Telecom Inc. on Friday bared posting non-telco revenue of P4.1 billion over nine months when it started operating as a techo rather than as telco.
This all-time 44 percent growth from P2.8 billion in 2022 demonstrates Globe’s successful diversification into various digital solutions and sectors.
Globe’s non-telco revenue now accounts for 3.4 percent of total gross service revenue, marking a significant milestone in its history. This was traced to the performance of subsidiaries and affiliates ECPay and Asticom and contributions from AdSpark and Yondu.
Its other joint ventures and affiliates have also shown remarkable progress, with net share in equity gains having grown 56 percent year-on-year to P1.8 billion.
This included Globe’s share in Mynt’s earnings to P1.62 billion in the first nine months this year, a 149 percent increase from last year.
Mynt’s contribution account for 6.4 percent of the group’s net income before tax, highlighting its growing influence on Globe’s financial health.
“We’re very optimistic with the traction we are getting from our new portfolio companies. Our transition from telco to techco will be more pronounced as we introduce more partnerships and game changing services in the future,” Ernest Cu, Globe president and chief executive, said.
“Seen in our P&L is the increasing contribution, whether on the revenue line or in the equity earnings line of our non-telco ventures. We’re going to continue with our current strategy. It allows the company to look for growth and build across different sectors,” he said.
