Globe rebounds to pre-COVID-19 level with P78.9B 1H earnings

Globe Telecom, Inc. ended the first half of the year with higher revenue that surpassed its pre-pandemic performance on the back of all-time high spending that supported its aggressive network buildup.

In a stock report on Thursday, Globe said consolidated service revenue hit another record at P78.9 billion, up 4 percent year-on-year, fueled by a boom in data-related products and services.

“We are happy that the Globe Group’s performance accelerated solidly in the year’s first half, rebounding our topline to pre-COVID levels. We are consistently delivering value to our customers and uplifting their lives through connectivity or other digital solutions,” Globe president and CEO Ernest L. Cu said.

“As we expand our digital strategy, we will continue improving our network and service delivery, even as we manage our costs. We are confident that our leadership, being the most reliable network and the preferred brand of Filipinos, will remain steady,” he added.

According to Globe, the total data revenues catapulted to 81 percent of full-service revenues from 79 percent last year.

From January to June, the company spent P50.5 billion on capital expenditure (CAPEX), surpassing last year’s spending by 17 percent. A bulk or 84 percent of the CAPEX was allocated for data requirements to meet consumers’ growing demand for data.

As of the first semester, Globe has already built 572 new cell sites nationwide, upgraded 6.8 thousand mobile sites and installed 933 new 5G sites in response to the growing connectivity needs of the Filipinos. It remains on track with its network rollout and targets to end this year with about 1,700 new cell sites, aiming to beat last year’s builds of 1,407.

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