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Manila Bulletin devider Business devider The Stock Market devider PLDT's net income skyrockets by 154% to P27 B in 2023

PLDT's net income skyrockets by 154% to P27 B in 2023

Published Mar 7, 2024 08:07 am

Legacy telco PLDT Inc. reported that its net income attributable to its equity holders for the whole of 2023 skyrocketed by 154 percent to P26.6 billion from P10.5 billion recorded in 2022.

In a media briefing on March 7 in Makati City, PLDT Chief Finance Office (CFO) Danny Yu explained that the higher income came from "tower sales and leaseback transactions, partly offset by MRP (manpower reduction program) costs and impairment of assets."

Telco core income, which excludes the impact of asset sales and Maya Innovations Holdings, was up by three percent to P34.3 billion last year from P33.3 billion in 2022.

PLDT's gross service revenues also skipped by three percent to P201.8 billion in 2023 from P195.3 billion in 2022, while the consolidated service revenues also inched by one percent to P191.4 billion in 2023 compared to P189.2 billion.

Data and broadband segments, whose revenues rose by four percent to P157. 6 billion, contributed 82 percent to the consolidated service revenues.

The telco's consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) also grew by four percent to P104.3 billion in 2023, due to higher revenues and lower operational expenditures (Opex). EBITDA margin was also at 52 percent.

PLDT's capital expenditure (Capex) for 2023 was within its guidance at P85 billion, which is lower by P11.7 billion from the P96.8 billion Capex in 2022. Capex intensity ratio was also reduced at 42 percent from 50 percent last year.

Yu said that the reduced Capex is in line with the company's aim to achieve a "positive free cash flow."

2024 targets

For this year, PLDT and Smart Chairman and Chief Executive Officer (CEO) Manuel V. Pangilinan said that PLDT is expecting to register mid-single digit growth for consolidated service revenues and EBITDA.

It is also aiming to continue to record topline growth and cost management, with telco core income forecast to be at P35 billion.

Capex guidelines for 2024 is around P75 to P78 billion, eyeing P80 billion for this year.

Yu said the Capex this year is evenly divided, and will be used for cell sites and upgrading of BTS to LTE/5G, home broadband ports, data centers, and submarine cable investments.

“PLDT is aiming not just for higher profits but to return PLDT and Smart to their premier positions, where they rightfully belong. This requires a commitment to excellence all around—encompassing the quality of our network, the efficiency of our installations and repairs, the innovations we pursue and the speed of our services,” said Pangilinan.

 

 

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