Globe Telecom Inc. saw its profits rising by almost half in 2022 mainly due to an all-time high topline and the partial sale of its tower assets and its data center business.
In a disclosure to the stock exchange, the Ayala-led telco reported that its full-year 2022 net income reached P34.6 billion, or 46 percent higher than the previous year’s P23.7 billion.
The mobile operator’s consolidated revenues were up 4 percent to P158 billion, an all-time high, fueled by both corporate data and mobile services.
Globe also booked a one-time net gain of P8.4 billion from the partial sale of its data center business, as well as a net gain of P6.2 billion from the sale and leaseback of its tower assets.
The telco’s total operating expenses stood at P78.9 billion.
Globe President Ernest L. Cu said the year 2022 was a “challenging year with several macroeconomic and external factors causing almost all expense line items to increase.”
Its core net income, which strips off one-time gains and losses, was 9 percent lower to P19.2 billion from P21.2 billion. “Despite 2022 being a challenging year marked by inflationary pressures, high-interest rates, and weakened consumer confidence, Globe once again showed resilience. We are happy that the Globe Group closed the year with strong topline and EBITDA growth,” Cu said.
Globe spent P101.4 billion in capital expenditures last year, the highest investment ever in its history, allowing the company to reduce its outlays by 30 percent this year to about P71.5 billion ($1.3 billion).
“As we strive to future-proof our network performance, provide better customer experience, and continue with various digital innovations to address the everyday pain points of our fellow Filipinos, we are optimistic that our beyond-telco initiatives will help enable the Philippines to become a truly digital nation,” Cu said.