In 2023, Globe achieved a record consolidated EBITDA of P81.4 billion, up 3% from the prior year’s P79.1 billion.
This growth is attributed to a solid 3% increase in revenue, effectively managing operating expenses. It also resulted in a 50% EBITDA margin, in line with full-year expectations.
“The solid EBITDA growth this year underscores our robust financial condition and our capability to continue expanding and achieving profitability amid steep competition,” said Ernest Cu, president and CEO of the Globe Group. “It’s a clear indicator of our unwavering dedication to deliver exceptional value to our customers and investors alike.”
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Globe’s diversification strategy brings P4.1B in non-telco revenue
Globe hits a record-high quarterly revenue driven by mobile services
This development comes from a record consolidated service revenue of P162.3 billion, up 3% from the previous year’s P158 billion. This growth was driven by mobile, corporate data, and expanding non-telco services.
The company’s innovations saw data revenues rise to 83% of total service revenues in 2023, up from 81% in 2022, reflecting the growing importance of the digital lifestyle in Filipino society.
Mobile, corporate data
The mobile segment achieved record revenue of P112.4 billion in 2023, up 5% year-on-year. This surge was fueled by prepaid customers’ uptake of affordable mobile devices and increased demand for high-bandwidth online content.
Mobile data revenues reached P90.9 billion, comprising 81% of total mobile revenues, signaling a shift toward data-driven consumer engagement.
Corporate data revenues hit an all-time high of P18.3 billion, up 7% from the previous year.
Non-telco revenues experienced an 18% yearly growth, representing 3% of total consolidated service revenues, despite the deconsolidation of ECPay from Globe’s books following its sale to Mynt in September 2023.