Ayala-led Globe Telecom is expecting mid-single digit growth in overall service revenues this year despite the challenging macroeconomic environment.
The company has maintained the same guidance as in the previous year despite the headwinds. It has also committed to maintaining its 50 percent EBITDA margin by implementing cost management initiatives.
In 2022, Globe achieved a record high of P158 billion in service revenues, a four percent increase from the previous year, driven by mobile and corporate data services as well as the increased revenue contribution of non-telco subsidiaries.
The telco also reported a 46 percent jump in net income, which reached P34.6 billion at the end of 2022, largely driven by gains from the partial sale of its data center business and the sale and leaseback of its tower assets.
Globe is expecting more proceeds from its tower sale and leaseback initiative this year, with the remaining towers to be turned over progressively over the next few quarters. The company sold more than 7,000 towers to MIESCOR Infrastructure Development Corp., Frontier Tower Associates Philippines, and PhilTower Consortium Inc. last year to improve its balance sheet and finance its capital expenditures.
The company has so far raised P39 billion from these transactions.