Globe books P165B revenues in 2024

Ayala-led telecommunications and digital services giant Globe Telecom Inc. closed 2024 with a new record high top line.

At a virtual press briefing on Friday, Globe reported a consolidated gross service revenues of P165.0 billion, up 2% from P162.3 billion in 2023.

“This milestone was achieved despite headwinds from home broadband normalization, the ECPay deconsolidation, and the prolonged impact of inflation, compounded by the devastating typhoons in the latter half of the year that weighed on consumer spending,” according to Globe.

However, Globe’s net income saw a slight decline by 1% to P24.3 billion from P24.6 billion year-on-year.

The telco said the decline was primarily “due to lower Sale and Leaseback (SLB) closings in 2024, which impacted one-time gains from tower sales.”

“Additionally, higher depreciation expenses and non-operating charges further weighed on performance,” it said.—AOL, GMA Integrated News