Globe posts P34.6 billion net income in 2022 but sees dip in core income


Posted at Feb 07 2023 12:57 PM | Updated as of Feb 07 2023 05:50 PM

MANILA - Globe Telecom said on Tuesday its net income for 2022 reached P34.6 billion, higher by 46 percent compared to the recorded P23.7 billion in 2021.

Core net income however was slightly lower at P19.2 billion in 2022 from the previous year's P21.2 billion, Globe said in a disclosure to the stock exchange.

Consolidate service revenues reached P158 billion, higher by 4 percent year-on-year, it added.

The company said its mobile business ended the year with a record P107.5 billion compared to P104.4 billion the previous year, with mobile revenues comprising 68 percent of the total service revenues. Total mobile customer base reached 86.7 million in 2022, it said. 

Globe said it shifted its focus on prepaid fiber to drive growth as postpaid fiber adoption reached saturation and as its legacy home broadband business declined, ending the year with P27.1 billion in revenues from P29.4 billion the previous year.

"Despite 2022 being a challenging year marked by inflationary pressures, high interest rates and weakened consumer confidence, Globe once again showed resilience," Globe Telecom President and CEO Ernest Cu said.

"As we strive to future-proof our network performance, provide better customer experience and continue with various digital innovations to address the everyday pain points of our fellow Filipinos, we are optimistic that our beyond-telco initiatives will help enable the Philippines to become a truly digital nation," Cu added.

Globe said it also continues to expand its beyond telco initiatives with companies in fintech, healthtech, adtech, and entertainment. its non-telco revenues reached P4.2 billion in 2022 from P2 billion the previous year, it said.

In 2022, Globe said its capital expenditure peaked at P101.4 billion.


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