Telecommunications powerhouse Amalgamated Telecom Holdings (ATH) has announced nearly one billion dollars in revenues for the fiscal year 2024, which concluded on June 30, 2024. The group submitted its audited financial reports to the South Pacific Stock Exchange (SPX) on Friday, revealing total revenues of $935 million for the year.
Although this figure slightly decreased from the $960 million reported during the extended 15-month fiscal year 2023, it reflects a 22 percent increase compared to the $768 million recorded in the comparable 12-month revenue for FY2023.
ATH Group CEO Ivan Fong stated, “FY24 has been a pivotal year for ATH, with strong financial growth and strategic accomplishments.” He emphasized the company’s dedication to operational efficiency, regional expansion, and the successful rollout of 5G technology, highlighting ATH’s leadership in the Pacific telecommunications sector.
The company reported a net profit after tax of $9.2 million, marking a significant 138 percent increase over the prior year’s comparable period. The group’s EBITDA (Earnings Before Income Tax, Depreciation, and Amortization) also saw a growth of $35 million, finishing at $207 million, which is a $69 million improvement over 2023’s performance.
Total debt rose to $692 million from $650 million in 2023, primarily due to investments in network expansion across Papua New Guinea and strategic initiatives in Fiji. Attar Singh, the newly appointed chairman of the ATH board, noted that the company has emerged stronger from recent global disruptions, reporting notable growth and innovation.
“As we move into FY25, we are confident that ATH is well-positioned to navigate upcoming challenges and take advantage of new opportunities in the ever-evolving telecommunications industry,” Singh added.
With a market capitalization of $1.024 billion at the time of this report, ATH constitutes 27.86 percent of total market caps on the SPX, 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 shares of ATH were last traded on the SPX at $2.14 each.