Globe’s net income for the first half of 2024 remains solid at Php 14.5 billion, primarily driven by strong growth in earnings before interest, taxes, depreciation, and amortization (EBITDA) that effectively offset the increase in depreciation expenses.
Excluding the one-time gain from the Globe tower sale, normalized net income stood at Php 11.9 billion, reflecting a significant 19% increase from the previous year.
Conversely, Globe’s core net income would have surged by 21% if ECPay had been deconsolidated from its books in the first half of 2023.
Nevertheless, Globe’s core net income which excludes the effects of non-recurring charges, foreign exchange, and mark-to-market charges, expanded by 18% year-on-year, reaching Php11.7 billion during the first half of 2024.
“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. We are pleased with our performance in the first half of 2024, which highlights our focus on strategic priorities and operational efficiencies,” said Ernest Cu, Globe President and CEO.
Globe’s mobile business demonstrated resilient growth, achieving record-high revenues of Php58.4 billion by the end of June 2024, compared to Php54.8 billion during the same period last year.
Meanwhile, the company’s consolidated EBITDA amounted to nearly Php43 billion, marking a strong 6% increase from the previous year. This growth was driven by a 2% rise in consolidated gross service revenues, coupled with a 2% reduction in operating expenses plus subsidy.
EBITDA would have been higher by 7% year-on-year if ECPay’s deconsolidation from Globe’s books was considered as of the first semester of 2023.
Additionally, the company’s EBITDA margin demonstrated impressive year-on-year progress, rising from 50% to 52%, surpassing the full-year guidance of 50%.
As Globe looks to the future, it is poised to leverage its strong financial performance and strategic investments to drive further growth and innovation in the telecom industry.
To learn more about Globe, visit https://www.globe.com.ph/.
