Globe Telecom Inc. has started posting dramatic gains from its non-telco business, which grew 118 percent, hauling P1.9 billion revenues as of June, 2022 and contributed 2.4 percent to gross service revenues, the company reported Tuesday, Aug. 30.
The rapid growth of the non-telco businesses complement Globe’s strong revenue performance from telco core products and services in the first half of the year, said President and CEO Ernest L. Cu.
“When it comes to the subsidiaries, you can see them affecting our profit and loss statement now, both top line and bottom line," he elaborated.
"This brings Globe closer to our 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,” Cu added.
Overall, growth across all of Globe’s subsidiaries drove the increase in its non-telco revenues.
Information Technology (IT) and e-commerce solutions ECPay and staffing solutions and shared services enterprise Asticom Group of Companies contributed the most in terms of non-telco revenues.
Digital and mobile marketing solutions agency AdSpark as well as IT solutions company Yondu likewise contributed to the growth.
Globe’s other joint ventures and affiliates are also adding to its 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’s pivot to transform into a digital solutions platform is in line with its goal to empower more Filipinos via digitalization.