Globe: Revenues of units leap in Q1

Globe Telecom Inc. said on Tuesday its non-telco revenues ballooned by 252 percent in the first quarter, signaling that its “strategic shift to becoming a digital solutions platform has started to bear fruit.”

The company said total non-telco revenues from its subsidiaries amounted reached P791 million in the first three months of 2022, “almost three times larger than the same period last year.”

“We are optimistic about the growth prospects for new ventures in Globe’s expanding portfolio. We believe that our ceaseless innovation through various digital platforms, backed by the growing investment in our data network, will strengthen our leadership in the digital space,” Globe President ernest l. Cu said in a statement.

Among the non-telco subsidiaries of Globe are Gcash, Konsultamd, Healthnow, Adspark, Yondu, ecpay, and Asticom.

“our commitment to making continuous enhancements in our products and services are all geared towards empowering and uplifting Filipino lives,” Cu added.

Globe decided to create ventures to become more than just a telco, but a digital solutions platform, seeing the rise in demand for digital services due to the pandemic.

In February, Globe announced that it allotted P89 billion for its capital expenditures (capex) program this year, a little lower than its actual capex spend in 2021.

The amount–just 4 percent lower than the P92.8-billion capex spend in 2021, an all time high for Globe–will be used to build more cell sites, upgrade existing ones, deploy 4G and 5G radios, and add more fiber lines across the country, according to a Globe disclosure.

last year, Globe aggressively expanded its fixed line and wireless networks, building 1,407 new cell sites, upgraded over 22,300 mobile sites, installed more than 2,000 5G radios, and installed 1.4 million fiber-to-the-home lines.

Aside from announcing its capital outlays program for 2022, Globe also reported that it netted P23.7 billion in profits last year, a 27-percent increase from P18.6 billion the year prior, thanks to the upside impact of the Corporate Recovery and Tax Incentives for enterprises Act as well as the gain from the P4.3-billion deemed sale of investment in subsidiary Mynt.