Mindanaotoday.com | Globe Group posts strong revenue performance: record revenues at P121B
THE Globe Group closed the first nine months of 2023 with all-time high consolidated service revenues amounting to P121.1 billion, up a robust 3% from a year ago, despite the extended macroeconomic headwinds faced by the industry.
This remarkable performance was mainly fueled by the strong contributions from its mobile, corporate data and non-telco services, which fully offset the anticipated decline in home broadband.
Globe’s non-telco services, posting an impressive 44% yearly growth now accounts for 3.4% of its total consolidated service revenues from 2.4% last year.
Additionally, total data revenues for the nine months period ending September 30, 2023 stood at P99.6 billion, representing 82% revenue contribution to Globe’s topline from 81% in the year earlier.
Mobile business revenues posted a record P83.2 billion as of end-September 2023, up 3% versus the P80.6 billion reported in the same period last year.
The stronger revenue performance of the prepaid brands is a testament to the relevance of the Company’s data-centric value for money offers, which allows our customers to enjoy world-class network quality and service despite the continued inflationary pressures.
Total mobile revenues comprised 69% of the total consolidated service revenues, with the total mobile customer base (post SIM registration) ending at 54.7 million for the first nine months of the year.
From a product standpoint, mobile data revenues reported P67.0 billion for the nine-month period this year, a 7% hike from the P62.5 billion a year ago.
Mobile data traffic soared to 4,360 petabytes as of end-September of 2023, from 3,365 petabytes reported in the same period of 2022, driven by the continued consumption of high-bandwidth online videos and social media content over smartphones.
Mobile data now accounts for 81% of mobile revenues from 78% last year. Conversely, traditional mobile voice and SMS revenues ended at P10.2 billion and P6.0 billion, lower year-on-year by 11% and 10%, respectively.
Home Broadband business on the other hand, generated a total of P19.0 billion revenues as of end-September 2023, still down by 7% from last year’s P20.5 billion.
This was primarily caused by the decline in fixed wireless products as partly offset by the positive momentum of postpaid fiber.
The Company is seeing an encouraging shift in trends as the decline in our fixed wireless revenues and operating metrics has slowed down, consistent with Company’s guidance of the business normalization bottoming-out.
Furthermore, Wired revenues now account for close to 85% of the total Home Broadband Business, mainly coming from Fiber customers, which make any further declines in FWA less material.
Postpaid Fiber subscribers and revenues grew year-on-year by 2% and 18%, respectively. (PR)
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