Amalgamated Telecom Holdings, a leading telecommunications company, has announced nearly one billion dollars in revenues for its financial year ending June 30, 2024. In its audited financial results submitted to the South Pacific Stock Exchange, the company reported total revenues of $935 million for the year. This figure represents a slight decrease from the $960 million reported in the previous 15-month financial year, but marks a 22 percent increase compared to the $768 million in the same 12-month period the year before.
ATH Group CEO Ivan Fong highlighted that the fiscal year 2024 was a crucial period for the company, marked by significant financial growth and strategic milestones. He emphasized the firm’s commitment to operational efficiency, regional expansion, and the successful introduction of 5G technology as indicators of its leading role in the Pacific’s telecommunications sector. Fong asserted the company’s dedication to delivering innovative services and enhancing long-term shareholder value.
The net profit after tax rose to $9.2 million, showing a substantial 138 percent increase from the previous year. Additionally, the company’s EBITDA climbed by $35 million to reach $207 million, reflecting a $69 million improvement from its 2023 results. Total debt increased to $692 million, up from $650 million in 2023, primarily due to investments in network expansion in Papua New Guinea and various strategic projects in Fiji.
Chairman Attar Singh pointed out that ATH has emerged stronger following recent global challenges and has delivered notable growth and innovation. Looking ahead to FY25, he expressed confidence in the company’s ability to tackle challenges and seize new opportunities in the dynamic telecommunications market.
With a market capitalization of $1.024 billion at the time of reporting, ATH accounts for 27.86 percent of the total market capitalization, making it the largest listed company, followed by RB Patel Group at 12.24 percent. ATH operates subsidiaries in Fiji, Papua New Guinea, Samoa, American Samoa, the Cook Islands, and Vanuatu. The company’s shares were last traded at $2.14 on the South Pacific Stock Exchange.