Globe Maintains Strong Results; FY24 Targets Remain on Track

Our unwavering resilience and agility have propelled us forward, leading us to extraordinary accomplishments. [...] With our country's digital economy poised for expansive growth, Globe is committed to empowering Filipinos across all economic segments. Our focus remains on unlocking value as a hyper-focused digital company, winning customers through network improvement and digital innovations while strengthening our core telco business.

ERNEST L. CU
Globe President and CEO

Globe closed the first nine months of 2024 with unprecedented heights in its consolidated gross service revenues, setting new quarterly and year-to-date records. The company achieved consolidated gross service revenues of P124.0 billion and P41.8 billion, higher by 2 percent year on year and quarter on quarter.

These results were attained despite the ongoing normalization of home broadband and the impact of the ECPay deconsolidation. Mobile and corporate data businesses significantly contributed to this solid performance, accounting for a combined 83 percent of the total consolidated gross service revenues, up from 80 percent the previous year. Assuming the deconsolidation of ECPay from Globe's books in the first nine months of 2023, to make the periods comparable, the total consolidated gross service revenues would have grown by 4 percent.

Globe's net income posted a 6 percent increase from a year ago, registering P20.6 billion this period, from P19.4 billion the preceding year. This was primarily driven by the robust EBITDA growth, which negated the rise in depreciation expenses incurred during the period. Excluding the one-time gain from the tower sale, normalized net income would have stood at P17.8 billion, or up by 20 percent from 2023.

Additionally, excluding the impact of non-recurring charges, foreign exchange, and mark-to-market charges, Globe's core net income expanded by a solid 19 percent year on year, reaching P17.6 billion during the first nine months of 2024. On a comparable basis, assuming that ECPay had been deconsolidated from Globe's books during the first nine months of 2023, core net income would have grown by 22 percent.

Read the full disclosure and press statement on the company website or PSE Edge.