Digital solutions platform Globe said Tuesday net profit grew by 46 percent last year, despite the challenging economic conditions.
Globe Group reported a net income of P34.6 billion in 2022, up from P23.7 billion in 2021. Core net income, which excludes the impact of non-recurring charges and foreign exchange and mark-to-market charges, reached P19.2 billion last year, down from P21.2 billion in 2021. Normalized core net income was 1 percent higher.
“Despite 2022 being a challenging year marked by inflationary pressures, high interest rates and weakened consumer confidence, Globe once again showed resilience. We are happy that the Globe Group closed the year with strong topline and EBITDA growth,” Globe president and chief executive Ernest Cu said.
Globe Group closed the year with all-time high consolidated service revenues of P158 billion, up 4 percent year-on-year.
Corporate data and mobile services, complemented by the continuous growth from non-telco services, drove the topline expansion as more Filipinos adopted the digital lifestyle.
Its mobile business sustained an upward performance, ending the year with P107.5 billion, representing an 8-percent growth, while Home broadband business declined 8.4 percent to P27.1 billion.
Corporate data posted an all-time high revenue of P17.2 billion, up 21 percent compared to 2021.
Globe budgeted $1.3 billion in 2023 capital expenditures, a reduction of over 30 percent from the 2022 peak level. It aims to eventually bring down the annual capex to $1 billion by 2024.
“As we strive to future proof our network performance, provide better customer experience and continue with various digital innovations to address the everyday pain points of our fellow Filipinos, we are optimistic that our beyond-telco initiatives will help enable the Philippines to become a truly digital nation,” Cu said.
Globe deployed over 1.4 million fiber-to-the-home lines in 2022, compared to 1.45 million lines from a year earlier to address the growing need for connectivity nationwide as the economy opens up and mobility improves.
Globe said it would shift its focus this year to maximizing the utilization of fiber inventory and ensuring delivery of the right product to the underserved prepaid fiber market.
Globe built 1,702 new cell sites in 2022, up from 1,407 in 2021, upgraded around 13,600 mobile sites to LTE and installed 2,267 new 5G sites nationwide to connect more consumers and businesses with the accelerated digitalization needs brought about by the pandemic.
Globe’s 5G outdoor coverage reached 97.2 percent of the National Capital Region and 90.2 percent of key cities in the Visayas and Mindanao.
The company ended 2022 with 5G connectivity in 70 cities and towns across the Philippines versus 29 in 2021, more than doubling its coverage in a year. Globe also logged over 3.9 million devices in its 5G network in December 2022.