Amalgamated Telecom Holdings, a major telecommunications company, has announced nearly one billion dollars in revenues for its fiscal year 2024, which ended on June 30, 2024. The company shared its audited financial results with the South Pacific Stock Exchange on Friday, reporting total revenues of $935 million for the 12-month period.
This figure represents a slight decrease from the $960 million reported during a 15-month period in FY2023, but marks a significant 22 percent increase compared to the same 12-month revenue of $768 million in FY2023.
ATH Group CEO Ivan Fong remarked that FY24 has been a crucial year for the company, showcasing strong financial growth and strategic accomplishments. He highlighted their emphasis on operational efficiency, regional expansion, and the successful rollout of 5G technology, reinforcing ATH’s leadership position in the Pacific telecommunications sector. Fong reaffirmed the company’s commitment to offering advanced services and enhancing long-term value for shareholders.
The company’s net profit after tax reached $9.2 million, reflecting a remarkable 138 percent increase from the comparable period in 2023. Additionally, ATH’s EBITDA rose by $35 million to reach $207 million, showing a $69 million improvement over its performance in 2023.
Total debt for the company increased to $692 million from $650 million in 2023, primarily due to investments in network expansion in Papua New Guinea and various strategic initiatives in Fiji.
Attar Singh, the newly appointed chairman of the ATH board, stated that the company has emerged more robust from recent global disruptions, achieving significant growth and innovation. He expressed confidence that ATH is well-positioned for FY25 to tackle new challenges and seize opportunities in the changing telecommunications landscape.
As of the latest update, ATH boasts 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. The company operates subsidiaries in Fiji, Papua New Guinea, Samoa, American Samoa, the Cook Islands, and Vanuatu. ATH shares last traded at $2.14 on the South Pacific Stock Exchange.