Telco giant Amalgamated Telecom Holdings has reported close to a billion dollars in revenues for its 2024 financial year ended June 30, 2024.
The group filed its audited financial accounts at the South Pacific Stock Exchange (SPX) on Friday, where it reported total revenues of $935 million for the 12-month period.
This was slightly down from $960m it reported during the 15-month FY2023 period, but up 22 per cent when compared with the equivalent 12-month revenue of $768m in FY2023.
“FY24 has been a pivotal year for ATH, with strong financial uptick and strategic achievements,” ATH Group CEO Ivan Fong said.
“Our focus on operational efficiency, regional expansion and the successful launch of 5G technology underscores our leadership in the Pacific’s telecommunications industry.
“We remain committed to providing cutting-edge services and driving long-term value for our shareholders.”
Net profit after tax was $9.2 million, a 138 per cent increase from the comparable 12-month period in 2023 while the group’s EBITDA (Earnings before income tax, depreciation and amortisation) grew by $35m to close at $207m, reflecting a $69m improvement over its 2023 performance.
Total debt, which grew to $692m from $650m in 2023, was attributed to network expansion investments in Papua New Guinea and strategic projects in Fiji.
Newly-appointed chairman of the ATH board Attar Singh said ATH emerged stronger from the global disruptions of recent years, delivering substantial growth and innovation.
“As we look to FY25, we are confident that ATH is well positioned to navigate challenges and capitalise on new opportunities in the evolving telecommunications landscape.”
With a market capitalisation of $1.024 billion when this edition went to press, ATH makes up 27.86 per cent of total market caps, making it the biggest listed company, followed by RB Patel Group at 12.24 per cent.
The market heavyweight has subsidiaries in Fiji, PNG, Samoa, American Samoa, Cook Islands and Vanuatu.
ATH shares last traded on SPX at $2.14 cents a share.
