Telco affiliates record growth
AMALGAMATED Telecom Holdings Ltd (ATH) and its group companies recorded a 15 per cent revenue growth totalling $468.03million for the 2024 half year period ended December 21, 2023.
Fiji’s biggest telco holdings company attributed the growth to the robust performances most subsidiaries of Vodafone Fiji, its fully owned mobile telephone service subsidiary.
In its market announcement released on the South Pacific Stock Exchange (SPX) this week, ATH noted Vodafone PNG’s 245 per cent strong revenue growth, accounting for more than $1.14million.
“We continue to grow the PNG market,” it stated.
“ATH group start-up costs in PNG operation were accelerated post pandemic as we focused on the buildout of the network.
“During this period, ATH group also invested heavily in infrastructure roll-out, brand and marketing across the region.”
Meanwhile, the ATH group closed the first six months of its FY2024 with an after tax net profit of $5.298million, compared to $25.054million for the same period in 2023.
The group earnings before interest, taxes, depreciation and amortisation (EBITDA) closed at $110m, while earnings before interest and tax were reported at $30.932m.
The total group assets closed at $1.970billion and net assets was recorded at $677m.
“Portfolio growth remains the focus of the holding company as management is vigilant of the opportunities in the region,” the group stated.
“The group continues the review of its structure and identifies synergies within the group to offer efficient and affordable services to its customers.”