Globe Telecom Inc., the leading telecommunications company in the Philippines, has marked an extraordinary milestone in its journey, closing the first nine months of 2023 with unprecedented consolidated service revenues totaling ₱121.1 billion. Despite the prevailing macroeconomic challenges in the industry, the company showcased a resilient 3% growth compared to the previous year.
Unveiling the Financial Triumphs in the Last 9 Months
The impressive performance was propelled by notable contributions from various sectors within the company, particularly mobile, corporate data, and non-telco services, which collectively offset the anticipated decline in home broadband revenue. Notably, Globe’s non-telco services recorded a remarkable 44% yearly growth, now contributing 3.4% to its consolidated service revenues.
The mobile segment emerged as a cornerstone, boasting a record ₱83.2 billion in revenues, highlighting a 3% increase from the same period in 2022. The strategic focus on data-centric offers led to a surge in mobile data revenues, reaching ₱67.0 billion, reflecting a 7% hike year-on-year, fueled by the soaring mobile data traffic.
Transformation and Diversification
As Globe embraces a transformation from a telecom to a tech company, diversification into various sectors has been pivotal. Ventures into fintech, virtual healthcare, e-commerce, and more have contributed substantially to non-telco revenues, exhibiting a remarkable 44% growth.
Sustained Momentum in Corporate Data Business
The corporate data sector sustained its upward trajectory, boasting a record ₱13.6 billion in revenues, primarily attributed to the stellar performance of information and communication technology (ICT) services, displaying a remarkable 20% growth year-on-year.
Operational Insights and Innovations
Globe’s commitment to enhancing connectivity and digital solutions was evident in its strategic investments. The company invested ₱54.0 billion in capital expenditure, with a significant portion dedicated to data requirements, new cell sites, LTE upgrades, and 5G technology expansion nationwide. Notably, 5G outdoor coverage extended to key regions, while global partnerships expanded to 156 collaborators across 82 destinations, ensuring seamless and high-speed experiences for customers both locally and internationally.
Visionary Leadership and Future Prospects
Ernest L. Cu, President and CEO of Globe Telecom Inc., affirmed the company’s focus on innovation, collaboration, sustainability, and service. Cu highlighted, “Our renewed focus on these imperatives will pave the way for a digitally inclusive and prosperous Philippines.”
A Path Towards Sustainable Growth
Despite an increase in operating expenses and debt, Globe maintained a healthy balance sheet, showcasing a gross debt to EBITDA ratio of 2.62x, affirming the company’s stability and resilience.
Pioneering the Digital Revolution
As Globe Telecom Inc. continues to innovate and adapt to the evolving landscape, its remarkable achievements in revenue growth, technological advancements, and diversified services underscore its commitment to driving a digitally inclusive future for the Philippines.
With a steadfast focus on innovation, sustainable practices, and customer-centricity, Globe remains at the forefront of shaping a connected and prosperous nation.
