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Manila Bulletin devider Business devider The Stock Market devider Globe maintains optimistic business outlook for 2024

Globe maintains optimistic business outlook for 2024

Published Dec 31, 2023 04:34 pm

As a new year begins, legacy telco company Globe Telecom Inc. shared its positive outlook on the business landscape in 2024 as it expands its ventures in data center infrastructure and climate technology. 

In a statement, Globe President and CEO Ernest Cu said the firm remains optimistic for 2024 and hopes “inflation and interest rates have already reached peak levels.” 

“We are very confident that given the state of competition in the market, given our people’s continued efforts, and our market position, we’ll be able to sustain a lot of what has happened in our mobile and fixed line side of our telco business this year,” said Cu.

The firm cited its “all-time high” consolidated service revenues at P121.1 billion from January to September that it earned despite macroeconomic headwinds experienced last year. 

It also noted its performance in mobile and corporate data that led to high Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) of P60.7 billion for the first nine months of 2023. 

Last year, Globe expressed its “telco to techco” approach to diversify its business portfolio and become a technology company. 

In line with this, the Globe Group highlighted two key areas of development in 2024 namely its data center operations and its partnership with Gogoro Philippines. 

The data center business is being done through ST Telemedia Global Data Centres (STT GDC) Philippines, Globe Group’s joint venture with Ayala Corporation, and STT GDC Singapore.  

To meet the demands for hyperscale data hubs in the Southeast Asian region, STT GDC Philippines broke ground last year for the 6MW data center in Cavite, and is constructing the 124MW facility in Fairview, Quezon City, both of which are expected to generate revenues by 2025. 

The firm is also looking forward to further deployment  of the Gogoro Smartscooters, two-wheel electric vehicles (EVs) that use battery-swapping technology.  

The Gogoro project is a joint venture between Globe’s 917Ventures, Ayala Corporation, and Gogoro of Taiwan. 

The Gogoro Experience Center in Makati City was opened in November. The EVs formally went to the market by December. 

It currently has five GStations for battery swaps at  Bonifacio Global City (BGC), Taguig; Parañaque City, Makati City, and Pasig City. 

It will open six more GoStations by the first quarter of 2024; two each in Quezon City and Makati City, and one each in Marikina and Pasig cities. 

Globe affirmed that its strategic initiatives and current market position will enable continued success and growth for the company this year.

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