PLDT first half profits stable at P18.4 billion
Telecom giant PLDT Inc. reported that its net income was flat at P18.4 billion in the first half of 2024 as gross service revenues grew by four percent to P103.4 billion from the same period last year.
In a disclosure to the Philippine Stock Exchange (PSE), the firm said telco core income, excluding the impact of asset sales and losses from Maya Innovations Holdings, reached P18 billion, up by three percent from the same period last year.
Consolidated service revenues (net of interconnect costs) improved three percent to P96.9 billion in the first half of 2024.
Data and broadband, which grew by four percent to P80.5 billion, contributed 83 percent to consolidated service revenues. Excluding the drag from legacy revenues, consolidated service revenues were higher by seven percent.
“Even as we continue to face challenges—among these geopolitical uncertainties, significant gravity in the telco space, and an increasingly competitive telco landscape—we remain determined to do our best to grow the business,” said PLDT Chairman and CEO Manuel V. Pangilinan.
Consolidated earnings before interest, taxes, depreciation and amortization grew by three percent to P53.9 billion in the first six months of 2024. EBITDA margin was at 52 percent for the period.
Dividend payout of 60 percent of core earnings was approved by the PLDT Board, translating into a cash dividend of P50 per share.
PLDT’s individual wireless segment posted revenues of P41.9 billion in the first half, higher year-on-year by four percent, as mobile data revenues, which now account for 89 percent of total individual wireless revenues, grew by eight percent to P37.1 billion year-on-year.
As of the end of June 2024, Smart Communications had registered 60.8 million mobile subscribers.
PLDT Home posted fiber-only service revenues of P27.6 billion in the first half of 2024, marking a seven percent year-on-year increase. Fiber-only revenues now account for 92 percent of total PLDT Home’s first half 2024 revenues of P30 billion.
Total fiber subscribers as of end-June 2024 stood at 3.2 million, driven by PLDT’s Fiber network which now spans over 1.15 million cable kilometers of fiber covering over 20,000 barangays nationwide, making it the largest in the country.
PLDT Enterprise, the corporate business arm of PLDT, delivered strong results in the first half of 2024, achieving P24 billion in service revenues. This performance was driven by consistent and accelerating growth across its core connectivity and ICT business segments.
VITRO Inc., the data center subsidiary of ePLDT, has seen increases in colocation revenues in the first half of the year while Maya’s banking user base has soared, reflecting its strong market strategy and product appeal.
As of end-June 2024, deposit balances grew to P32.8 billion, driven by Maya’s rewarding proposition of innovative savings products and higher interest rates linked to everyday spending.
“With the all-time highs delivered in recent periods behind us, we turn to the future that we are tasked to build for PLDT with careful optimism. As we continue our pursuit of higher shareholder values, our focus on exceptional service to our customers remains intense. We continue to be confident that, as before, we will make it through with the perseverance, dedication, and innovation of our people,” Pangilinan said.