Globe Reports Record-High Revenues at P162.3B, Up 3%

The Globe Group closed 2023 with new record-high consolidated service revenues of P162.3 billion, outpacing last year's P158.0 billion by 3 percent. This was mainly driven by the exceptional contribution from mobile, corporate data, and non-telco services.

Boosted by its data-centric offerings, Globe's total data revenues as a percentage of total consolidated service revenues increased to 83 percent from 81 percent last year, with the digital lifestyle becoming an integral part of Filipino life. Also, the company's non-telco revenues posted an 18 percent yearly growth and now accounts for 3 percent of total consolidated service revenues from 2.6 percent in 2022.

The Globe Group continued to deliver life-enabling innovations to solve everyday pain points of Filipinos with an ecosystem of products and services in financial technology, virtual healthcare, e-commerce, business outsourcing, edutech, and media and entertainment. As a result, Globe's non-telco revenues grew to P4.9 billion in 2023 from P4.2 billion in 2022.

Consolidated EBITDA grew by 3 percent to a record P81.4 billion, with the topline expansion of 3 percent offsetting the growth in operating expenses. This enabled overal EBITDA margin to hover around 50 percent, which is broadly in line with Globe's full-year guidance. Globe also advised lower capex of US$1 billion for 2024 as record-high levels of capex in the past several years have allowed it to focus on capital efficiency and optimization.

As we move forward to 2024, we are very optimistic that we will achieve continued growth by executing well on our customer-focused strategy and enhancing innovations using digital solutions backed by our firm commitment to network excellence. We will push the boundaries of what's possible in the telecom industry to create greater value for our customers, stakeholders, and the broader digital ecosystem.

ERNEST L. CU
Globe President and CEO