Globe posts solid performance for 2023 with P162.3 Billion, Up 3% YoY
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Record high revenues & growth fueled by standout performance of mobile, corporate data and non-telco businesses
The Globe Group closed the year 2023 with a new all-time high consolidated service revenues amounting to P162.3 billion, outpacing last year’s record level of P158.0 by 3%. This was mainly driven by the exceptional contribution from mobile, corporate data, and non-telco services. Boosted by the company’s data-centric offerings, Globe’s total data revenues as a percentage of total consolidated service revenues increased to 83% from 81% last year, with the digital lifestyle becoming an integral part of Filipino life.
The mobile business continued to perform strongly, ending the year with a historic high of P12.4 billion compared to the previous record level of P107.5 billion reported in 2022. The notable 5% year-on-year improvement was largely contributed by prepaid with the pent-up demand for affordable mobile devices, alongside the increasing time spent on high-bandwidth online video services and social media content over smartphones. Total mobile revenues comprised 69% of the total service revenues, with the total mobile customer base ending (post sim registration) at 57.0 million in 2023.
“Globe reached new heights in 2023 despite the lingering macroeconomic challenges and competition we faced. We continue to reinforce our position as a leading innovator in the country, with Mynt’s GCash continued success expanding its digital services for Filipinos globally; STT GDC’ aggressive data center expansion projects; and Gogoro Philippirees launch of electric mobility and battery-swapping technology in Metro Manila. Our non-telco businesses contributed more this year whether on the revenue line or in the equity earnings line, fueling our momentum going into the new year. 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, President and CEO of Globe Telecom Inc., stated.
In addition, as the Globe Group continue to deliver life-enabling innovations to solve the everyday pain points of the Filipinos with an unparalleled ecosystem of products and services in the area of financial technology, virtual healthcare, e-commerce, business outsourcing, edutech, as well as media and entertainment, Globe’s non-telco revenues grew to P4.9 billion in 2023 from P4.2 billion last year.
