Globe nets P21.2 billion in 2021, sets P89-billion capex for 2022

Globe Telecom Inc. saw its core earnings last year grow by 9% year-on-year to P21.2 billion.

In a disclosure to the Philippine Stock Exchange on Wednesday, the Ayala-led telco said its core net income increased due to the surge in data use amid the COVID-19 pandemic.

In particular, Globe’s data revenues across mobile, broadband, and corporate data accounted for 80% of the total service revenues amounting to P151.5 billion, which grew 4% from P146.4 billion in 2020.

“Globe showed admirable resilience in 2021 despite the pandemic and the devastation of Typhoon Odette in the country. We have emerged to be an outstanding digital services enabler by rapidly adapting our strategies to address both the challenges and the opportunities created by the global health crisis and natural disasters," said Globe president and CEO Ernest Cu.

"As a result, our financial performance remained stable and posted healthy growth, enabling us to reinvest back into our network as customer data demands grow larger each year," Cu added.

In 2021, the telco spent P92.8 billion.

For this year, Globe earmarked P89 billion in capital expenditures for the telco’s aggressive network expansion that includes new cell site builds, upgrade more existing sites to 4G/LTE, accelerate rollout of 5G connectivity and fast-track the fiberization of Filipino homes nationwide, and further boost the internet quality and coverage in the Philippines.

"We are optimistic that our strategy to focus on innovation to serve our customers better and to address their needs and concerns through various digital platforms, backed by our strong network, will solidify our leading position in the market," Cu said. — BM, GMA News