Amalgamated Telecom Holdings, a major telecommunications company, has announced nearly one billion dollars in revenue for its financial year ending June 30, 2024. The group disclosed its audited financial results at the South Pacific Stock Exchange, 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 financial year 2023, but represents a significant increase of 22 percent compared to the $768 million in revenue for the same 12-month period in FY2023.
ATH Group CEO Ivan Fong highlighted that the fiscal year 2024 has been crucial for the company, marked by notable financial growth and strategic milestones. He emphasized the company’s dedication to operational efficiency, regional expansion, and the successful rollout of 5G technology, underscoring its leadership in the telecommunications sector of the Pacific.
The company’s net profit after tax reached $9.2 million, a remarkable 138 percent rise from the previous year, while EBITDA grew by $35 million to total $207 million, indicating a $69 million improvement over 2023.
Total debt increased to $692 million from $650 million the previous year due to investments in network expansion in Papua New Guinea and strategic projects in Fiji. Attar Singh, the newly appointed chairman of the ATH board, remarked that the company has emerged stronger from recent global disruptions, achieving substantial growth and innovation.
Looking ahead to fiscal year 2025, Singh expressed confidence that ATH is well-equipped to tackle challenges and seize new opportunities in the shifting telecommunications landscape.
With a market capitalization of $1.024 billion at the time of reporting, ATH constitutes 27.86 percent of the total market capitalization, positioning it as the largest listed company, followed by RB Patel Group at 12.24 percent. The company operates subsidiaries in Fiji, Papua New Guinea, Samoa, American Samoa, the Cook Islands, and Vanuatu, with ATH shares last trading at $2.14 each on the South Pacific Stock Exchange.