Telecom giant Amalgamated Telecom Holdings (ATH) has announced nearly one billion dollars in revenues for its financial year 2024, which concluded on June 30, 2024. The company posted total revenues of $935 million for the year, according to the audited financial accounts filed at the South Pacific Stock Exchange on Friday. This figure marks a decline from the $960 million reported during the 15-month financial year 2023, but represents a 22 percent increase compared to the $768 million earned in the equivalent 12-month period of FY2023.
ATH Group CEO Ivan Fong noted that FY24 has been a significant year for the company, highlighting strong financial growth and strategic accomplishments. He emphasized ATH’s commitment to operational efficiency, regional expansion, and the successful rollout of 5G technology, reaffirming its leadership role in the telecommunications sector of the Pacific.
The company’s net profit after tax reached $9.2 million, reflecting a substantial increase of 138 percent from the previous year. Additionally, its earnings before interest, tax, depreciation, and amortization (EBITDA) grew by $35 million to a total of $207 million, showcasing a $69 million improvement over FY2023.
Total debt rose to $692 million from $650 million in 2023, primarily due to investments in network expansions in Papua New Guinea and strategic projects in Fiji. Newly appointed chairman, Attar Singh, commented that ATH has emerged stronger from recent global disruptions, demonstrating significant growth and innovation.
Looking ahead to FY25, Singh expressed confidence in ATH’s ability to meet challenges and seize new opportunities in the advancing telecommunications field. As of the latest data, ATH holds a market capitalization of $1.024 billion, accounting for 27.86 percent of total market caps, making it the largest listed company, followed by RB Patel Group at 12.24 percent. ATH operates in several regions, including Fiji, Papua New Guinea, Samoa, American Samoa, Cook Islands, and Vanuatu. ATH shares were last traded on SPX at $2.14 each.