Globe ended 2024 with steady growth, recording ₱165 billion in consolidated gross service revenues, a 2% increase from the previous year.
Mobile services contributed significantly, accounting for ₱116.7 billion in revenues, up from ₱112.4 billion in 2023. The segment benefited from higher data consumption, with mobile data revenues rising 7% to ₱97.4 billion. Mobile subscribers also grew to 60.9 million, an increase from 57 million the previous year.
Corporate data services saw an 11% rise in revenue, reaching ₱20.4 billion. The growth was fueled by increased demand for cybersecurity and business applications, as well as a 15% rise in Information and Communication Technology (ICT) services.
“Globe’s 2024 performance showcased both resilience and adaptability in an evolving digital landscape,” said Ernest Cu, president and CEO of Globe Telecom Inc. “Our robust EBITDA, strong business model, and significant growth in Core NIAT are a testament to our ability to thrive in this dynamic market.”
Home broadband revenues declined by 5% to ₱23.8 billion due to reduced demand for fixed wireless services. However, fiber services showed growth, with revenues increasing by 2% and subscribers up by 16%. Globe’s GFiber Prepaid gained traction, reaching 260,000 subscribers with a 74% quarter-on-quarter increase.
Non-telco
The company’s non-telco revenues dropped 47% year-on-year due to the ECPay deconsolidation. Adjusted for this, the decline was 12%.
Mynt, Globe’s fintech arm, continued to expand, with its GCash platform boosting Globe’s share in Mynt’s equity earnings to ₱3.8 billion, a 59% jump from 2023.
Globe’s net income stood at ₱24.3 billion, slightly lower than the previous year’s ₱24.6 billion. The decrease was attributed to lower gains from tower sales and higher depreciation costs. However, core net income, which excludes one-time charges, grew by 14% to ₱21.5 billion.
The company reduced capital expenditures (capex) by 20% to ₱56.2 billion, with 90% allocated for data-related investments. Globe expanded its network by building 1,212 new cell sites, upgrading 4,613 existing sites with LTE, and adding 587 new 5G sites.
“By prioritizing network enhancements, pioneering digital innovations, and fortifying our core telco business, we are well-positioned to expand our market presence and create greater value for our stakeholders,” Cu said.
Globe aims to optimize capital use and achieve positive free cash flow by 2025 while continuing to strengthen its digital infrastructure.