Globe is now largest PHL publicly-listed telco
September 06, 2021 - Monday 9:09 PM by GDM
Globe is now the largest telecommunications company in the Philippines in terms of market capitalization, the company announced Monday.
In a statement, Globe, with trading symbol GLO at the Philippine Stock Exchange, said it now has a market value of over P363 billion as of end-August trade.
Once a telco business only, the Globe Group of Companies has expanded into various digital solutions businesses, leveraging its substantial customer base, distribution capabilities, deep market knowledge, and synergies with its strategic partners.
Globe said it has successfully transformed its telco business into a technology-based solutions provider with a footprint in fintech, healthcare, entertainment, adtech, e-commerce, manpower, IT services, and venture capital.
Likewise, Globe said its dividend payments are "consistent, given its healthy operating results and cash flows."
The company returns to its shareholders dividends equivalent to 60%-75% of its prior year's core net income. Service revenue was at P37.6 billion in the second quarter, while EBITDA was at P19.1 billion. Net income and Core net income for the April to June period came in at P5.7 billion and P5.8 billion, respectively.
“Over the years, Globe has shown remarkable growth as a result of its exemplary performance and sound management decisions," said Ernest Cu, Globe President and CEO.
"This, in turn, earned the trust of our stakeholders whose support allows us to continuously expand our businesses, offer quality products and services, and reach more customers,” Cu added.
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