Globe Posts Record ₱165 Billion Revenues in 2024

Globe Telecom Inc. reported record-high consolidated gross service revenues of ₱165 billion in 2024, reflecting a 2% growth compared to 2023.

The company’s strong performance was bolstered by robust growth in mobile and corporate data businesses, which together contributed 83% of total service revenues.

Globe’s mobile segment generated a historic ₱116.7 billion in revenues, up 4% year-on-year, driven by data monetization efforts and network enhancements.

Mobile data revenues reached a record ₱97.4 billion, a 7% increase, as Filipinos increasingly used mobile applications for their online activities.

“Globe’s 2024 performance showcased both resilience and adaptability in an evolving digital landscape,” said Ernest L. Cu, president and CEO of Globe Telecom.

Corporate data revenues grew 11% year-on-year to ₱20.4 billion, fueled by double-digit growth in ICT and Business Applications Solutions like cybersecurity services.

Globe’s home broadband business, while declining 5% to ₱23.8 billion due to a shift from fixed wireless to fiber, showed signs of recovery in the fourth quarter with a 2% revenue increase.

The GFiber Prepaid brand emerged as a bright spot, recording 74% quarter-on-quarter growth and 260,000 subscribers by year-end.

Non-telco revenues fell 47% year-on-year due to the deconsolidation of ECPay after the sale of a 77% stake to Mynt, Globe’s fintech arm.

Mynt contributed ₱3.8 billion to Globe’s pre-tax net income, up 59%, reinforcing its dominance in the Philippines’ digital financial ecosystem.

Total operating expenses decreased by 3% to ₱78.2 billion, reflecting Globe’s cost-saving initiatives and the deconsolidation of ECPay.

The company’s EBITDA reached a record ₱86.8 billion, a 7% increase, with a strong EBITDA margin of 52.6%, exceeding guidance.

Globe’s net income for 2024 stood at ₱24.3 billion, down 1%, primarily due to reduced one-time tower sale gains.

Excluding non-recurring charges, Globe’s core net income rose by 14% to ₱21.5 billion, driven by strong operating results.

Globe’s capital expenditures for 2024 amounted to ₱56.2 billion, down 20% year-on-year, aligning with its free cash flow objectives.

For 2025, the company’s capital expenditure is projected below USD 1 billion as it focuses on sustaining its free cash flow.

“As a leading digital company, we remain committed to driving digital transformation in the Philippines,” Cu added.

Globe ended 2024 with 60.9 million mobile subscribers, up from 57 million in 2023, reflecting the company’s improved competitiveness.

The company’s robust financial performance underscores its position as a leader in the Philippine telecommunications industry.