On a comparable basis, if ECPay had been deconsolidated from Globe’s books in the first half of 2023, core net income would have grown by 21 percent.
Reported income grew 1 percent to ₱14.5 billion, mainly due to the absence of last year’s significant one-time telco tower gains. Globe also increased its EBITDA margin from 50 percent to 52 percent.
“We are happy that our financial performance for the first half of the year remained robust. Our EBITDA margin held steady at 52 percent, while core NIAT grew by an impressive 21%, demonstrating our consistent growth and unwavering resilience amidst economic headwinds." said Ernest L. Cu, president and CEO of Globe.
“We are also thrilled that our landmark tower deal is nearing completion, with 88% of the covered towers successfully transferred to the towercos as of July, and we are on track to complete this transaction within the second half of the year,” he added.
Mynt, Globe’s fintech arm, led the Philippines’ cashless market.
GCash grew significantly, with Globe’s share in Mynt’s earnings reaching ₱2.1 billion, contributing 12 percent to Globe’s pre-tax income, up from 5 percent last year. Mynt’s earnings grew 120 percent year-on-year.
Globe’s mobile business hit ₱58.4 billion, up from ₱54.8 billion last year, with 59.5 million customers, now 71 percent of total revenues, up from 68 percent last year.
Home broadband revenues fell 6 percent to ₱12.1 billion due to lower fixed wireless services, but postpaid fiber, making up 85 percent of home broadband revenues, grew 3 percent in subscribers and revenues.
Last July 23, Globe completed its tower sale and leaseback deal with Frontier Towers, backed by KKR, closing the last batch of 1,037 sites for ₱13.17 billion. Overall, Globe has turned over 6,628 of the 7,506 towers in the deal, generating approximately ₱85.2 billion in proceeds.
