Globe says still country’s largest publicly listed telco
AYALA-LED Globe Telecom, Inc. said it remains the largest telecommunications company in the Philippines, with a market capitalization of P321.25 billion as of Oct. 11.
In an e-mailed statement on Wednesday, Globe said it has managed to “lead competition in terms of market capitalization at the Philippine Stock Exchange (PSE)” despite global headwinds.
“Globe is starting to reap gains as it pivots to becoming a digital solutions platform to address the day-to-day pain points of Filipinos. The way investors are valuing us is very encouraging and that we have taken the right strategy for growth,” Globe President and Chief Executive Officer Ernest L. Cu said.
Financial technology, healthcare, edutech, entertainment, adtech, e-commerce, manpower, information technology services, and investments have all been added to the group’s portfolio.
“This is in line with its enduring commitment to the United Nations Sustainable Development Goals, specifically UN SDG No. 9, which emphasizes the importance of infrastructure and innovation as significant drivers of economic growth and development,” Globe said.
Globe noted that it continues to seek new ideas and businesses ready to scale through its corporate venture company 917Ventures.
Companies under 917Ventures include Mynt, operator of e-wallet giant GCash, as well as telehealth companies KonsultaMD and HealthNow.
It also includes digital marketing solutions firm AdSpark, online grocery platform Rappit, loyalty and e-commerce solutions provider RUSH, coding bootcamp KodeGo, programmatic advertising firm DeepSea, online tutorial platform EdVenture, multi-channel messaging platform m360, and data-driven solutions provider.
The company has booked a 4% year-on-year rise in revenues to P78.9 billion in the first half of 2022, “fueled by the solid contribution of data-related products and services across mobile and corporate data, and supplemented by the performance of non-telco services,” Globe said.
“Globe has already spent P50.5 billion in the first half of this year for network upgrades to meet data requirements of its customers,” it added. — Arjay L. Balinbin
