Globe Telecom Inc. has set an P89-billion capital expenditures (capex) program for 2022, 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 on Wednesday.
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.
Its core net income stood at P21.2 billion, which is 9-percent higher than the year prior, fueled by the 4-percent increase in net income to P151.5 billion, but this was partially offset by the effects of Typhoon Odette to its total operating expenses of P76.6 billion.
“Globe showed admirable resilience in 2021 despite the pandemic and the devastation of Typhoon Odette in the country. We have emerged to be an outstanding digital services enabler by rapidly adapting our strategies to address both the challenges and the opportunities created by the global health crisis and natural disasters,” Globe President Ernest L. Cu said.
“As a result, our financial performance remained stable and posted healthy growth, enabling us to reinvest back into our network as customer data demands grow larger each year.”
Cu also painted a rosy outlook for Globe this year.
“We are optimistic that our strategy to focus on innovation to serve our customers better and to address their needs and concerns through various digital platforms, backed by our strong network, will solidify our leading position in the market. Rest assured that we will continue to revamp and upscale our services in order to secure the future of a digitally-transformed Philippines.”