EconomyEditor's PickGlobe net income reaches P5.7B as revenues from services grow

November 13, 2022

GLOBE Telecom, Inc. announced over the weekend that its attributable total comprehensive income for the third quarter of the year reached P5.7 billion, up 16% from P4.9 billion in the same period a year ago, owing primarily to revenue growth in its corporate data and mobile services, as well as non-telco services.

Third-quarter revenues, both service and non-service, grew 3% to P42.9 billion from P41.7 billion previously, the company’s third-quarter financial performance report showed.

Costs and expenses went up 6% to P37.3 billion from P35.3 billion in the same period a year earlier.

For the nine months ended Sept. 30, Globe saw its attributable total comprehensive income increase 37% to P24.9 billion from P18.2 billion previously.

Total revenues for the period went up 3% to P130.2 billion from P126.4 billion in 2021.

The growth was “led by corporate data and mobile services, supplemented by the sustained growth from non-telco services,” Globe said in a statement.

The company saw its total data revenues as a percentage of total service revenues increase to 81% from 79% in 2021.

“Mobile business achieved strong revenue growth this period at P80.6 billion compared to P78.4 billion reported in the first nine months the previous year,” Globe noted.

“This represents Globe’s second highest nine-month mobile revenue, bested only by pre-pandemic high in 2019,” it added.

The revenue growth came primarily from prepaid, according to the company, citing the rapid rise in Filipinos’ adoption of digital technology.

Globe saw its mobile customer base expand to 87.9 million for the nine-month period, or 5% higher than the level in the same period in 2021.

At the same time, the company saw its mobile data traffic increase to 3,365 petabytes as of end-September, surpassing the 2,730 petabytes reported in 2021.

“Corporate Data soared to another record level revenues of P12.5 billion or 21% increase from a year ago and significantly higher from pre-pandemic level,” Globe noted.

“This was mainly due to the strong traction from information and communication technology (ICT) services which grew 96% year on year. Growth from ICT was largely from business application services, cloud services and data center,” it added.

Globe saw revenues from its home broadband business decrease further in the third quarter. Nine-month revenues reached P20.5 billion, lower than the previous year’s P22.4 billion.

“Total home broadband subscriber count now stands at 2.7 million or down by 27% year on year,” Globe noted.

Meanwhile, non-telco revenues grew to P2.8 billion in the first nine months, up 101% from 2021.

“Substantial revenue contributions from ECPay, Yondu, and Asticom led to this period’s outstanding performance,” Globe said. — Arjay L. Balinbin

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