Amalgamated Telecom Holdings (ATH), a leading telecommunications company, has announced nearly a billion dollars in revenue for the financial year ending June 30, 2024. The group disclosed its audited financial results at the South Pacific Stock Exchange, reporting total revenue of $935 million for the 12-month period.
This figure shows a slight decrease from the $960 million reported for the 15-month fiscal year 2023, but marks a 22 percent increase compared to the equivalent 12-month revenue of $768 million in FY2023. ATH Group CEO Ivan Fong highlighted that FY24 has been significant for the company, showcasing strong financial growth and strategic milestones.
Fong emphasized the company’s commitment to operational efficiency, regional expansion, and the successful rollout of 5G technology, reflecting ATH’s leadership in the Pacific’s telecommunications sector. He reiterated the company’s dedication to delivering advanced services and ensuring long-term value for shareholders.
The company’s net profit after tax stood at $9.2 million, representing a robust 138 percent increase from the previous year, while its earnings before interest, taxes, depreciation, and amortization (EBITDA) grew by $35 million to reach $207 million, showing a $69 million improvement over 2023.
ATH’s total debt has risen to $692 million from $650 million in 2023, attributed to investments in network expansion in Papua New Guinea and strategic initiatives in Fiji. Newly appointed chairman Attar Singh noted that ATH has emerged resiliently from the global disruptions experienced in recent years, delivering notable growth and innovation.
Looking ahead to FY25, Singh expressed confidence in ATH’s ability to navigate upcoming challenges and leverage new opportunities in the changing telecommunications landscape. With a market capitalization of $1.024 billion, ATH accounts for 27.86 percent of total market caps, making it the largest publicly listed company, followed by RB Patel Group at 12.24 percent.
ATH operates subsidiaries in Fiji, Papua New Guinea, Samoa, American Samoa, Cook Islands, and Vanuatu. The company’s shares last traded on the South Pacific Stock Exchange at $2.14 per share.