Amalgamated Telecom Holdings, a leading telecommunications company, has announced nearly $1 billion in revenue for its financial year ending June 30, 2024. The company reported total revenues of $935 million for the 12-month period, according to its audited financial accounts filed with the South Pacific Stock Exchange (SPX) on Friday.
This figure marks a slight decline from the $960 million reported during the 15-month fiscal year 2023 but represents a 22 percent increase compared to the $768 million recorded for the equivalent 12-month period in fiscal year 2023.
ATH Group CEO Ivan Fong highlighted that fiscal year 2024 has been significant for the company, showcasing robust financial growth and strategic advancements. He emphasized the firm’s commitment to operational efficiency, regional expansion, and the successful rollout of 5G technology as key factors in maintaining ATH’s leading position in the Pacific’s telecommunications sector. Fong reiterated the company’s dedication to delivering advanced services and generating long-term value for its shareholders.
The company’s net profit after tax increased to $9.2 million, reflecting a substantial 138 percent rise compared to the same period in 2023. Additionally, ATH’s EBITDA (Earnings before income tax, depreciation, and amortization) rose by $35 million to reach $207 million, which is a $69 million improvement over figures from the previous year.
Total debt increased to $692 million from $650 million in 2023, a rise attributed to investments in network expansion in Papua New Guinea and various strategic projects in Fiji.
Attar Singh, the newly-appointed chairman of the ATH board, noted that the company emerged stronger from recent global challenges, achieving significant growth and innovation. Looking forward to fiscal year 2025, Singh expressed confidence in ATH’s ability to navigate challenges and take advantage of emerging opportunities in the evolving telecommunications landscape.
With a current market capitalization of $1.024 billion, ATH represents 27.86 percent of total market caps, making it the largest listed company, followed by RB Patel Group at 12.24 percent. The market heavyweight operates subsidiaries in Fiji, Papua New Guinea, Samoa, American Samoa, Cook Islands, and Vanuatu. ATH shares were last traded on the SPX at $2.14 each.