Globe Telecom, Inc. reported a robust net income of PHP 14.5 billion for the first half of 2024, driven by significant growth in earnings before interest, taxes, depreciation, and amortization (EBITDA), which effectively offset increased depreciation expenses.
Excluding a one-time gain from the sale of its tower assets, Globe’s normalized net income stood at PHP 11.9 billion, reflecting a 19% increase compared to the same period last year.
The company’s core net income, adjusted for non-recurring charges and other factors, grew by 18% year-on-year, reaching PHP 11.7 billion.
“Our sustained growth in both net income and core net income is a testament to our continued commitment to delivering exceptional value to our customers while maintaining disciplined cost management,” said Ernest Cu, Globe President and CEO.
“We are pleased with our performance in the first half of 2024, which highlights our focus on strategic priorities and operational efficiencies.”
Globe’s mobile business was a key driver of this growth, generating record-high revenues of PHP 58.4 billion by the end of June 2024, up from PHP 54.8 billion in the same period the previous year.
The company’s consolidated EBITDA also saw a 6% increase, amounting to nearly PHP 43 billion, bolstered by a 2% rise in consolidated gross service revenues and a 2% reduction in operating expenses plus subsidies.
The company’s EBITDA margin improved from 50% to 52%, surpassing its full-year guidance, further reflecting Globe’s strong operational performance.
Notably, EBITDA would have seen a 7% year-on-year increase if ECPay’s deconsolidation from Globe’s books had been accounted for as of the first semester of 2023.
Looking forward, Globe said it is poised to leverage its strong financial performance and strategic investments to drive further growth and innovation in the telecom industry.
