MANILA, Philippines – Telecommunications giant Globe saw 20% growth in its earnings in 2019, as mobile users streamed more videos, spent more time on social media, and played online games.
The Ayala-led company on Tuesday, February 4, reported consolidated net income for 2019 at P22.3 billion from over P18 billion in 2018. Core net income or the earnings from its main business likewise posted a 20% growth from P18.7 billion in 2018 to P22.5 billion in 2019.
Consolidated service revenues were up by 12% to P149 billion, fueled by the gains from data across mobile, broadband, and corporate data services.
Data revenues accounted for 71% of total service revenues. Meanwhile, mobile revenues stood at P111.8 billion, 12% higher year-on-year.
Globe's mobile subscriber base grew by 94.2 million, up by 27% from 2018.
"These results serve as a springboard for the opportunities and challenges that lay ahead, and will help us better serve our expanded mobile and broadband customer base of over 96 million," said Globe president and chief executive officer Ernest Cu.
Globe spent a record P51 billion in capital expenditures (capex) in 2019, 18% higher than in 2018. The bulk went to data-related requirements.
For 2020, Globe said it will spend P63 billion in capex, which includes a spillover of capex commitments from 2019. – Rappler.com