Telecommunications leader Amalgamated Telecom Holdings announced nearly one billion dollars in revenues for the financial year ending June 30, 2024. The company submitted its audited financial statements to the South Pacific Stock Exchange, revealing total revenues of $935 million for the 12-month period. This figure marks a slight decline from the $960 million reported during the 15-month fiscal year 2023, yet it reflects a 22 percent increase compared to the $768 million reported in the same 12-month period in FY2023.
ATH Group CEO Ivan Fong stated, “FY24 has been a pivotal year for ATH, showcasing strong financial growth and strategic accomplishments.” He highlighted the company’s commitment to operational efficiency, regional expansion, and the successful introduction of 5G technology, asserting that these efforts reinforce ATH’s position as a leader in the Pacific’s telecommunications sector. Fong emphasized the commitment to providing advanced services and delivering long-term value to shareholders.
The company reported a net profit after tax of $9.2 million, representing a remarkable 138 percent increase from the previous year. The group’s EBITDA (Earnings Before Income Tax, Depreciation, and Amortization) also rose by $35 million to reach $207 million, indicating a $69 million improvement over the 2023 figures. Total debt increased to $692 million from $650 million in 2023, primarily due to expenditures on network expansion initiatives in Papua New Guinea and key projects in Fiji.
Newly appointed chairman of the ATH board, Attar Singh, remarked that ATH has emerged stronger in the wake of global disruptions, achieving significant growth and innovation. He expressed confidence that ATH is well-equipped to tackle upcoming challenges and seize new opportunities within the dynamic telecommunications sector as it looks ahead to FY25.
As of the latest report, ATH has a market capitalization of $1.024 billion, representing 27.86 percent of total market caps, making it the largest listed company, followed by RB Patel Group at 12.24 percent. ATH operates subsidiaries across Fiji, Papua New Guinea, Samoa, American Samoa, Cook Islands, and Vanuatu. The company’s shares traded at $2.14 each on the South Pacific Stock Exchange.