Globe Telecom Inc. has seen rapid growth in its non-telco businesses as part of its strategy to go beyond telco to empower the Filipino digital lifestyle.
In a statement, Ernest Cu, Globe president and chief executive officer, said the rapid growth of the company’s non-telco businesses is complementing its strong revenue performance from telco core products and services in the first half of the year.
“When it comes to the subsidiaries, you can see them affecting our profit and loss statement now, both top line and bottom line. This remarkable progress brings Globe closer to its vision of going beyond telco. Whether through fintech, adtech, health tech, e-commerce, or entertainment, we strive to bring value to the overall digital ecosystem,” said Cu.
Non-telco revenues soared to P1.9 billion as of end-June, up 118 percent from the corresponding period of 2021 and contributing 2.4 percent to gross service revenue.
The increase was driven by growth across all of Globe’s subsidiaries.
IT and e-commerce solutions ECPay and staffing solutions and shared services enterprise Asticom Group of Companies contributed the most, followed by digital and mobile marketing solutions agency AdSpark and IT solutions company Yondu, Globe said.
Its other joint ventures and affiliates are also adding to the company’s bottom line, with net share in equity gains growing by 17 percent to almost P1 billion or 3.8 percent of net income before tax.
Globe’s share in GCash also improved as the platform remains to be the number one finance app in the country, having 66 million users and P3 trillion in gross transaction value for the first half of the year.
Globe said its pivot to becoming a digital solutions platform is in line with its goal to digitally enable more Filipinos as part of its commitment to innovation and infrastructure as drivers of economic growth under the United Nations Sustainable Development Goals.
Fueled by the vision of seeing a Philippines that is admired, Globe added it is constantly looking for new ways to enrich and empower the lives of Filipinos through digitalization. It is set to bring more solutions to the market in the coming months. – Myla Iglesias
