Globe, one of the leading telecommunications companies in the Philippines, has recently announced its second quarter and first half 2023 results.
Despite the challenging macroeconomic environment, Globe has managed to sustain healthy top-line growth. The company reported record revenues of ₱80.4 billion, representing a 2% year-on-year increase.
EBITDA remained flat at ₱40.5 billion compared to the previous year. Notably, Globe's financial performance was boosted by the contribution of MYNT, its financial technology arm, which now accounts for 5% of the company's before-tax net income. On a sequential basis, Globe's normalized net income after tax (NIAT) reached ₱10.0 billion, reflecting a solid growth of 14%. Furthermore, the company's core NIAT increased by an impressive 22% sequentially, reaching ₱9.9 billion.
In addition to its telecommunications services, Globe also experienced significant growth in its non-telco revenues, which surged by a robust 52% year-on-year. Within its mobile business segment, revenues reached ₱54.8 billion, a 1% increase from the previous year. This growth was primarily driven by the strong performance of mobile data revenues, which amounted to ₱44.0 billion, representing a 5% year-on-year increase. Corporate data revenues also saw a notable growth of 11% year-on-year, reaching ₱9.1 billion.
Globe's commitment to infrastructure development is evident through its substantial investment of ₱37.7 billion in capital expenditures (CAPEX). This investment aims to enhance the company's network and provide better services to its customers.
In terms of network reliability, Globe has been recognized by Ookla as the Philippines' most reliable mobile network for the fifth consecutive time. Additionally, the company has been named the most consistent fixed broadband provider in several areas of the country for the second quarter of 2023.
Furthermore, Globe has been acknowledged as the Philippines' strongest brand by Brand Finance, highlighting its strong market presence and reputation.
Overall, Globe's second quarter and first half 2023 results demonstrate its ability to achieve consistent growth and maintain its position as a leading telecommunications company in the Philippines.
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