Globe Group said it expects a sustained growth in its non-telecommunication businesses as they introduce more innovative digital solutions.
“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,” said Globe Group’s president and chief executive Ernest Cu.
“So watch out for us in 2024. More and more offers are coming your way,” Cu said.
Globe Group achieved an 18-percent year-on-year growth in its non-telecom revenues, climbing to P4.9 billion in 2023 from P4.2 billion in 2022.
Globe, through an expansive ecosystem of products and services spanning financial technology, virtual healthcare, e-commerce, business outsourcing, adtech, edutech, investments and entertainment, cemented its position as a catalyst for change in the local digital landscape.
Globe said its joint ventures and affiliates also increasingly contribute to the company’s bottom line. Their net share in equity gains surged 86 percent year-on-year to P2 .6 billion.
Globe’s share in Mynt’s earnings amounted to P2.4 billion in 2023, representing a 193-percent increase from the previous year. It placed Mynt’s contribution to Globe’s net income before tax at 7.3 percent.
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. Darwin G. Amojelar
Despite the deconsolidation of ECPay following its sale to Mynt, Globe’s consolidated revenues still saw a 3-percent growth, demonstrating the robustness of its non-telco revenue streams.
Globe said it achieved a record consolidated fourth-quarter revenue of PP41.3 billion, culminating in a full-year revenue of P162.3 billion.