Globe Telecom Inc. announced its financial and operating results for the first quarter of 2024, highlighting robust performance across key metrics.
Revenues reached P41.1 billion, a 3% increase year-on-year (YoY). The company achieved a record EBITDA of P21.4 billion, up 4% YoY, with an EBITDA margin of 52%.
Normalized and core net income after tax (NIAT) both rose by 13% YoY to P5.8 billion. Globe’s fintech arm, Mynt, now contributes 11% to the company’s net income before tax.
The mobile business reported revenues of P29.1 billion, an 8% YoY increase, driven by mobile data revenues of P23.8 billion, up 10% YoY.
Corporate data revenues also hit a record P5.0 billion, marking a 10% YoY growth. However, capital expenditures for Q1 2024 stood at P13.7 billion, down 22% YoY.
Despite economic challenges, Globe’s mobile business continued to grow, with revenues increasing to P29.1 billion as of March 2024. The company’s customer base reached 58.8 million mobile subscribers.
Mobile data revenues saw a 10% increase to P23.8 billion, fueled by rising smartphone usage and data-intensive applications. Mobile data traffic rose to 1,610 petabytes from 1,352 petabytes YoY.
The corporate data business grew by 10% YoY to P5.0 billion, driven by core data services and ICT solutions.
Home broadband revenues declined by 6% to P6.1 billion, though postpaid fiber exhibited positive growth. Globe’s fixed wireless revenues are stabilizing post-pandemic as demand shifts to wired connectivity.
Non-telco revenues dropped 60% YoY due to the deconsolidation of ECPay. Operating expenses rose to P19.8 billion in Q1 2024 from P19.5 billion YoY.
Consolidated EBITDA increased by 4% to P21.4 billion, with an EBITDA margin rising to 52%.
Globe’s balance sheet remains strong, with total debt improving to P246.7 billion. The company’s capex for Q1 2024 was P13.7 billion, reflecting a 22% decrease YoY, as Globe focuses on optimizing capital deployment and achieving positive free cash flow by 2025.
BusinessNews.ph