Amalgamated Telecom Holdings (ATH), a major telecommunications provider, has announced nearly $1 billion in revenue for its financial year ending June 30, 2024. The company disclosed its audited financial results at the South Pacific Stock Exchange (SPX) on Friday, revealing total revenues of $935 million for the 12-month period. This figure shows a decline from the $960 million reported during the 15-month fiscal year 2023, but represents a 22% increase compared to the $768 million revenue in the comparable 12-month period of FY2023.
ATH Group CEO Ivan Fong highlighted that FY24 has been a crucial year for the company, marked by strong financial growth and strategic accomplishments. He emphasized the group’s commitment to operational efficiency, regional expansion, and the successful rollout of 5G technology, reinforcing its position as a leader in the Pacific telecommunications sector. Fong stated, “We remain committed to providing cutting-edge services and driving long-term value for our shareholders.”
The net profit after tax for ATH reached $9.2 million, representing a remarkable 138% increase from the same period in 2023. Meanwhile, the company’s EBITDA (Earnings before income tax, depreciation, and amortization) climbed by $35 million to $207 million, reflecting a $69 million improvement over the previous year’s performance.
Total debt increased to $692 million from $650 million in 2023, attributed to network expansion investments in Papua New Guinea and strategic projects in Fiji. Attar Singh, the new chairman of the ATH board, expressed optimism about the company’s strengthened position following recent global disruptions, noting substantial growth and innovation.
As the company looks to FY25, Singh is confident that ATH is well-equipped to tackle challenges and seize new opportunities in the evolving telecommunications landscape. With a market capitalization of $1.024 billion at the time of reporting, ATH accounts for 27.86% of total market caps, making it the largest listed company, followed by RB Patel Group at 12.24%. ATH operates subsidiaries in Fiji, Papua New Guinea, Samoa, American Samoa, the Cook Islands, and Vanuatu, with shares last traded at SPX at $2.14 per share.