MANILA, Philippines – Globe Telecom posted a core net income of P21.2 billion in 2021, a 9% increase, on the back of home broadband and corporate data sales growth.

Globe closed 2021 with record service revenues of P151.5 billion, 4% higher than the P146.4 billion reported in 2020, as the pandemic continued to force employees to work from home. Last year’s top line also surpassed 2019’s pre-pandemic level by 2%.

The Ayala-led telecommunications company noted that data revenues across mobile, broadband, and corporate data accounted for 80% of its total service revenues.

Globe’s fourth quarter, however, was relatively flat, as Typhoon Odette (Rai) caused damage in the southern and central parts of the Philippines and “hampered the revenue momentum.” It also spent some P2.2 billion for refunds and impairment costs due to the damage.

Total mobile subscribers reached 86.8 million, up by 13%.

Globe invested P92.8 billion in capital expenditures for 2021 and earmarked P89 billion for 2022.

“We are optimistic that our strategy to focus on innovation to serve our customers better and to address their needs and concerns through various digital platforms, backed by our strong network, will solidify our leading position in the market,” said Globe chief executive officer and president Ernest Cu. – Rappler.com