Amalgamated Telecom Holdings (ATH) has announced nearly one billion dollars in revenues for the financial year ending June 30, 2024. The company’s audited financial results, submitted to the South Pacific Stock Exchange, show total revenues of $935 million for the 12-month period, marking a slight decrease from $960 million during the 15-month fiscal year 2023. However, this figure reflects a 22 percent increase compared to the $768 million reported for the same period in FY2023.
ATH Group CEO Ivan Fong highlighted that FY24 has been a crucial year for the company, characterized by significant financial growth and key strategic accomplishments. Fong noted that the company’s focus on operational efficiency, regional expansion, and the successful rollout of 5G technology emphasizes ATH’s leadership in the Pacific telecommunications sector. He expressed confidence in the company’s commitment to providing innovative services and creating long-term value for shareholders.
The net profit after tax stood at $9.2 million, representing a remarkable 138 percent increase from the previous year. Additionally, the company’s EBITDA (Earnings before income tax, depreciation, and amortization) rose by $35 million, reaching a total of $207 million, indicating a $69 million improvement from 2023.
Total debt increased from $650 million in 2023 to $692 million, largely due to investments in network expansion in Papua New Guinea and strategic initiatives in Fiji. Newly-appointed chairman of the ATH board, Attar Singh, stated that the company has emerged stronger from recent global disruptions, achieving notable growth and innovation.
Looking ahead to fiscal year 2025, Singh expressed confidence that ATH is well-equipped to address challenges and seize new opportunities in the dynamic telecommunications market. With a market capitalization of $1.024 billion, ATH constitutes 27.86 percent of the total market caps, making it the largest publicly listed company, followed by RB Patel Group at 12.24 percent.
ATH has subsidiaries across the Pacific, including Fiji, Papua New Guinea, Samoa, American Samoa, Cook Islands, and Vanuatu. ATH shares are currently trading at $2.14 per share on the South Pacific Stock Exchange.