The Globe Group has achieved an 18% year-on-year growth in its non-telco revenues, climbing to PHP4.9 billion in 2023 from PHP4.2 billion in 2022, as it continues to deliver an expanding menu of life-enabling digital solutions.
Through an expansive ecosystem of products and services spanning financial technology, virtual healthcare, e-commerce, business outsourcing, adtech, edutech, investments, and entertainment, Globe has cemented its position as a catalyst for change in the local digital landscape.
In addition to revenue growth, Globe’s joint ventures and affiliates increasingly contribute to the company’s bottom line. Their net share in equity gains surged by an impressive 86% year-on-year, amounting to PHP2.6 billion.
Globe’s share in Mynt’s earnings alone reached PHP2.4 billion in 2023, representing a staggering 193% increase from the previous year. It placed Mynt’s contribution to Globe’s net income before tax at 7.3%.
The sustained success and expansion of digital services, such as Mynt’s GCash, STT GDC Philippines data center projects, and Gogoro Philippines’ introduction of electric mobility and battery-swapping technology in Metro Manila, highlight Globe’s strategic focus on diversification and innovation. Despite the deconsolidation of ECPay[1] following its sale to Mynt, Globe’s consolidated revenues still saw a 3% growth, demonstrating the robustness of its non-telco revenue streams.
Globe’s record-high consolidated fourth quarter revenue of PHP41.3 billion, culminating in a full-year revenue of PHP162.3 billion, shows the company’s resilience and strategic agility in a challenging economic environment. The growth in mobile and corporate data services, paired with significant contributions from non-telco services, has propelled Globe to new heights of success.
“We build products and services to alleviate the burden of daily life in the Philippines. And that is something that the Globe Group will continue to do— leverage what we have in terms of assets and capabilities to build new businesses. So watch out for us in 2024. More and more offers are coming your way,” said Ernest Cu, Globe Group’s President and CEO.
With a forward-looking approach and a dedication to addressing the needs of Filipinos, Globe is set to continue its trajectory of growth and innovation in the years to come.
To learn more about Globe, visit www.globe.com.ph.
[1]The deal is currently undergoing thorough reviews. Completion is expected upon receipt of approvals from the relevant regulatory bodies and satisfaction of closing conditions.
