Globe Announces Strong Financial Results for Q2 and First Half of 2024

Globe Telecom has delivered an impressive financial performance for the second quarter and the first half of 2024. The company’s strategic initiatives and robust operational execution have driven steady revenue growth, significant profitability, and strong market positioning.

Key Financial Highlights: Steady Rise in Revenues Marked by Notable Growth in Data-Related Services

- Total Revenues: ₱82.2 billion, up 2% year-over-year (YoY).

- Record EBITDA: ₱43.0 billion, up 6% YoY, with an EBITDA margin of 52%, exceeding guidance.

- Normalized NIAT: ₱11.9 billion, up 19% YoY.

- Core NIAT: ₱11.7 billion, up 18% YoY.

The growth was significantly propelled by Mynt, Globe's fintech arm, contributing 12% to the company's net income before tax.

Data-Related Services:

- Mobile Business Revenues: ₱58.4 billion, up 7% YoY.

- Mobile Data Revenues: ₱48.0 billion, up 9% YoY.

- Corporate Data Revenues: ₱9.8 billion, up 8% YoY.

Key Business Highlights:

- Cash Capex: Globe's cash capital expenditures for the first half of 2024 slowed down by 25% YoY to ₱28.3 billion, aligning with its strategy for sustainable capex spending.

- ESG Practices: Globe continues to demonstrate strong environmental, social, and governance practices, maintaining its position in the FTSE4Good Index Series.

Key Portfolio Company Highlights:

- Non-Telco Revenues: Experienced a sharp decline of 58% YoY, reflecting a strategic shift and market conditions.

- Equity Earnings from Affiliates: Increased significantly by 147% YoY, showcasing the strength and growth potential of Globe’s investments in affiliated companies.

Key ESG Highlights:

- Sustainability Initiatives: Globe is fostering a sustainable future through positive societal and environmental contributions. Their initiatives focus on reducing carbon footprints, enhancing digital inclusion, and supporting local communities. Globe's inclusion in the FTSE4Good Index Series highlights their commitment to high ESG standards, emphasizing long-term value creation for stakeholders and the community.

From financial growth and data services expansion to strategic capex management and strong ESG commitments, Globe's performance in the first half of 2024 underscores its dedication to sustainable and inclusive growth. These achievements set a promising trajectory for the remainder of the year, showcasing Globe's resilience and forward-thinking strategies in a dynamic market landscape.

Globe's financial performance for Q2 and the first half of 2024 demonstrates notable achievements, including:

- Steady revenue growth of 2% YoY, reaching ₱82.2 billion.

- Record EBITDA of ₱43.0 billion, up 6% YoY, with a strong EBITDA margin of 52%.

- Significant increases in both normalized and core NIAT, up 19% and 18% YoY, respectively.

- Impressive growth in mobile business and data revenues, with mobile data up 9% YoY.

- Effective cash capex management, reducing spending by 25% YoY to ₱28.3 billion.

- Strong ESG performance, maintaining a position in the FTSE4Good Index Series.

- Enhanced contributions from affiliates, with equity earnings up 147% YoY.

These results highlight Globe's strategic focus on sustainable financial growth, operational efficiency, and commitment to high ESG standards, paving the way for continued success in the future.