According to Globe, its transition from a telco to a tech company gained momentum, reporting a record P4.1 billion in non-telco revenue in the initial three quarters of 2023, marking a 44% year-on-year surge from P2.8 billion in the same period of 2022.
The company’s non-telco revenues now constitute 3.4% of its total gross service revenues. Globe attributed this growth to its expansion into diverse digital solutions and sectors and to performances by its subsidiaries and affiliates, particularly ECPay and Asticom, complemented by AdSpark and Yondu.
“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,” said Ernest Cu, president and CEO of Globe. “We are going to continue with our current strategy, it’s a solid strategy and it allows the company to look for growth and build across different sectors.”
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Globe’s joint ventures and affiliates have also made strides, with net share in equity gains increasing by 56% year-on-year to P1.8 billion.
Notable is Globe’s share in Mynt’s earnings, soaring to P1.62 billion in the first nine months of 2023, marking a 149% increase compared to the same period last year. Mynt’s contribution now represents 6.4% of the group’s net income before tax, showcasing its growing influence on Globe’s financial performance.
Globe’s diversification strategy enabled it to expand in other sectors including fintech, virtual healthcare, e-commerce, business outsourcing, adtech, edutech, climate tech, media, and entertainment.
“We are very optimistic with the traction we are getting from our new portfolio companies,” Cu said. “Our transition from telco to techco will be more pronounced as we introduce more partnerships and game-changing services in the future.”