Globe posts 'record high' revenues but net income slips | ABS-CBN

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Globe posts 'record high' revenues but net income slips

Globe posts 'record high' revenues but net income slips

ABS-CBN News

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A kiosk of Globe Telecom. Mark Demayo, ABS-CBN News file 

MANILA - Globe Telecom booked ‘record high revenues’ last year but net income went down, the company disclosed on Wednesday.

Globe said its consolidated service revenues hit P162.3 billion in 2023 which was 3 percent higher than the P158 billion it booked in 2022.

The company’s consolidated net income however fell to P24.6 billion, down 29 percent from P34.6 billion in 2022.

Globe said this was primarily due to the 4 percent higher depreciation expenses and non-operating charges this year, which offset the 3 percent EBITDA growth.

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Core net income, which excludes non-recurring charges, one-time gains, foreign exchange gains and market-to-market charges also slid 1 percent to P18.9 billion compared to 2022, Globe said.

The Ayala-led telco however also reported that its non-telco products and services, which include fintech and e-health, generated P4.9 billion in revenues, up 18 percent from last year.

“The Globe Group’s share in Mynt’s equity earnings amounted to P2.4 billion, which now accounts for 7 percent of this year’s net income before tax,” Globe said.

Mynt, a Globe subsidiary, is the operator of fintech powerhouse GCash.

Globe said that it expects single-digit revenue growth this year as its platforms mature, but said the company is also managing costs. Capital expenditures went down 30 percent to P70.6 billion in 2023, and is expected to further go down to around $1 billion this year, and below $1 billion in 2025.

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