Globe, ALI Report 1H24 Earnings

We believe that by prioritizing our valued customers' needs, we can unlock new opportunities and create a more interconnected Philippines, ultimately shaping a brighter future for our nation.

ERNEST L. CU
Globe President and CEO

We are reinventing our assets to deliver elevated and differentiated experiences to our customers, and we will continue to bring compelling and market-shaping residential offerings to Filipino homeowners.

ANNA MA. MARGARITA B. DY
ALI President and CEO

Read the full disclosures and press statements on company websites or PSE Edge.

Globe closed the first half of 2024 with P82.2 billion consolidated gross service revenues, up by 2 percent from a year ago, despite the decline in home broadband and non-telco services. Mobile and corporate data businesses were the primary contributors to this performance, jointly accounting for 83 percent of the total consolidated gross service revenues, up from 79 percent in the same period last year.

Net income posted a modest year-on-year growth of 1 percent at P14.5 billion from P14.4 billion the preceding year. Excluding the one-time gain from the tower sale, normalized net income would have stood at P11.9 billion, up 19 percent. Accordingly, excluding the effects of nonrecurring charges, foreign exchange, and mark-to-market charges, Globe's core net income grew by 18 percent year on year, to P11.7 billion in the first half of 2024.

Meanwhile, Ayala Land, Inc. achieved strong results in the first half of 2024, fueled by robust property demand and consumer activity. ALI’s net income grew by 15 percent to P13.1 billion from the same period in 2023, as consolidated revenues increased to P84.3 billion.

Property development revenues increased by 34 percent to P51.9 billion, driven by higher residential and commercial lot bookings. Leasing and hospitality revenues grew by 10 percent to P22.1 billion, and service businesses composed of construction, property management, and airlines, among others, registered a 51 percent growth to P8.4 billion.

ALI's capital expenditures totaled P36.5 billion, of which 51 percent was spent on residential projects, 27 percent on estate development, 11 percent on commercial leasing assets, and 11 percent on land acquisition commitments. At the end of the semester, ALI's net gearing ratio stood at a healthy 0.73:1, while interest coverage ratio was strong at 4.7x.