Globe net income up 51% to P19.7B in 1st half

Globe Telecom Inc. on Friday reported a 51 percent increase in net income in the first half of the year, boosted by its mobile and corporate data businesses. 

The Ayalal-led telco said net profit amounted to P19.7 billion in the January to June period , up from P13 billion in the same period last year. 

“We are happy that the Globe Group’s performance accelerated solidly in the first half of the year, rebounding our topline to pre-COVID levels. We are consistently delivering value to our customers and uplifting their lives through connectivity or other digital solutions,” Ernest Cu, president and chief executive of Globe said. 

“As we expand our digital strategy, we will continue improving our network and service delivery, even as we manage our costs. We are confident adership, being the most reliable network and the preferred brand of Filipinos, will bring steady business growth moving forward,” he added. 

Globe’s consolidated service revenue hit another record at P78.9 billion, up 4 percent  year-on-year, fueled by the solid contribution of 

data related products and services across mobile and corporate data.

Total data revenues catapulted to 81 percent of total service revenues from 79 percent last year.

Mobile business revenues  posted a 3 percent year-on-year growth reaching P54 billion, while Home Broadband business dipped further in the second quarter, bringing its total revenues for the first half to only P13.8 billion from ₱14.5 billion a year earlier.

Corporate Data revenues sustained its double-digit growth of 21 percent generating a historic-high ofP8.2 billion this period from P6.7 billion from the same time last year.

 Globe closed the first half of 2022 with P50.5 billion capital expenditure (capex), surpassing last year’s spending by 17 percent.

 A large portion of the capex or 84 percent was allocated for data requirements to meet consumer’s growing demand for data.

 This amount also represents 57 percent of theP89 billion capex earmarked for this year to further build its fiber assets, put up more cell sites, upgrade towers to 4G LTE, and roll out 5G technology and in-building solutions. 

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