The Globe Group has reported an 18% year-on-year growth in its non-telco revenues, reaching P4.9 billion in 2023 from P4.2 billion in 2022. This growth is attributed to the company’s life-enabling digital solutions.
The Globe Group’s ecosystem comprises various products and services, including financial technology, virtual healthcare, e-commerce, business outsourcing, adtech, edutech, investments, and entertainment.
“We build products and services to alleviate the burden of daily life in the Philippines. And that is something that the Globe Group will continue to do — leverage what we have in terms of assets and capabilities to build new businesses,” said Ernest Cu, president and CEO, Globe Group.
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Globe’s joint ventures and affiliates have played a significant role in driving the company’s bottom line. Its net share in equity gains reached 86% year-on-year, amounting to P2.6 billion. Mynt, in particular, contributed substantially to Globe’s earnings, with its share reaching P2.4 billion in 2023, marking a remarkable 193% increase from the previous year.
The launch and expansion of digital services like Mynt’s GCash, STT GDC Philippines’ data center projects, and Gogoro Philippines’ introduction of electric mobility and battery-swapping technology in Metro Manila underscores Globe’s commitment to diversification and innovation. Despite the deconsolidation of ECPay following its sale to Mynt, Globe’s consolidated revenues still experienced a 3% growth, highlighting the resilience of its non-telco revenue streams.
Globe’s performance extended into the fourth quarter, with consolidated revenue reaching a record-high of P41.3 billion, culminating in a full-year revenue of P162.3 billion.