Globe Group, a leading telecommunications company in the Philippines, announced its second quarter and first half 2023 financial results, displaying healthy growth in its top-line figures.
The company reported record revenues of ₱80.4 billion for the first half of 2023, marking a 2% increase year-over-year (YoY), while its EBITDA remained flat YoY at ₱40.5 billion.
One of the standout contributions was from Globe’s fintech arm, Mynt, which now contributes 5% of Globe Group’s net income before tax. This comes as Mynt continues to outperform expectations, demonstrating a strong user base and growth in profitability.
A highlight of the report was the company’s digital transformation journey, an effort that led Globe to pivot from a traditional telco to a techco. The company has ventured into various segments including digital marketing, venture capital funding startups, and e-commerce.
As of the first half of 2023, non-telco revenues surged by a substantial 52% YoY to ₱2.8 billion, driven by notable contributions from ECPay, Asticom, and Adspark.
Globe Group’s total data revenues for the first semester amounted to ₱65.9 billion, reflecting an increase in the data revenue’s contribution to total gross service revenues from 81% last year to 82% this year.
The mobile business, a significant segment of Globe’s operations, recorded revenues of ₱54.8 billion for the first half of 2023. This marked a 1% YoY increase, which was primarily driven by mobile data revenues totaling ₱44.0 billion, up 5% YoY.
The mobile data trend is expected to continue due to the Filipino public’s growing reliance on data services, as highlighted by Globe’s CEO, Ernest L. Cu.
Despite a challenging macroeconomic environment, Globe invested ₱37.7 billion in capital expenditures (CAPEX) for infrastructure development during the first half of 2023, a 25% YoY decline, with 90% allocated for data service improvements.
Additionally, Globe was hailed as the Philippines’ most reliable mobile network for the fifth consecutive time by Ookla and was named the most consistent fixed broadband in several areas in the country for Q2 2023. Globe has also been recognized as the Philippines’ strongest brand by Brand Finance.
Mr. Cu, President and CEO of Globe Telecom Inc., commented, “The Globe Group continues to perform well during the first half of the year, despite facing macroeconomic challenges. We were consistent in delivering revenue growth on our mobile and corporate data businesses. More notable, we outperformed the industry with the upbeat growth trajectory of our digital solutions platforms.”
Cu also expressed confidence in Globe’s positioning in the market, stating, “We are confident that Globe will maintain its leadership in mobile going forward. The company is also well-positioned to adapt to the industry’s changing landscape and take first mover advantage with its innovative digital solutions that deliver life-enabling services to Filipinos.”
This strong performance during the first half of 2023 reflects Globe Group’s commitment to strategic growth and innovation despite challenging conditions, positioning the company as a leader in the Filipino telecommunications sector.
For the full financial report, please visit Globe Group’s official website.