Globe Telecom Inc. is now considered the largest telecom firm in the country with a market value of over P363 billion as of end-August trade, the telco said in a statement.
Globe said its high market capitalization shows investors’ confidence in its prospects, including its strategy to invest and diversify into adjacent sectors.
“Over the years, Globe has shown remarkable growth as a result of its exemplary performance and sound management decisions. This, in turn, earned the trust of our stakeholders whose support allows us to continuously expand our businesses, offer quality products and services, and reach more customers,” said Ernest Cu, Globe president and chief executive officer.
Once a telco business only, Globe has expanded into various digital solutions businesses, leveraging its substantial customer base, distribution capabilities, deep market knowledge, and synergies with its strategic partners.
Globe said it has transformed its telco business into a technology-based solutions provider with a footprint in fintech, health care, entertainment, adtech, e-commerce, manpower, information technology services and venture capital.
The telco added that its dividend payments are consistent, given its healthy operating results and cash flows. The company returns to its shareholders dividends equivalent to 60 percent to 75 percent of its prior year’s core net income.
Service revenue was at P37.6 billion in the second quarter, while earnings before interest, tax, depreciation and amortization was at P19.1 billion. Net income and core net income for the April to June period stood at P5.7 billion and P5.8 billion, respectively.
To further secure its position as an industry leader, Globe said it continues to look for new ventures that are ready to scale. Its wholly owned corporate incubator company 917Ventures is expanding into new areas that would address various consumer pain points.
As of September 6 trading at the Philippine Stock Exchange, Globe pointed out it still has the highest market capitalization with P361 billion market value, as compared to PLDT Inc. with P318.7 billion and Converge Information and Communications Technology Solutions Inc. with P240.1 billion market value. – Myla Iglesias
