PANGILINAN-LED PLDT Inc. saw its attributable net income for 2024 climb by 21.4% to P32.31 billion, fueled by the company’s all-time-high service revenue growth.
The company’s consolidated revenue for the period surged to P216.83 billion, marking a 2.8% increase from P210.95 billion in 2023, mainly driven by growth in its service revenues.
Broken down, PLDT’s service revenue increased by 3.2% to P208.38 billion from P201.83 billion in 2023, while its non-service revenues declined to P8.45 billion, down 7.3% from P9.12 billion in the comparable period a year ago.
The company’s service revenue growth was primarily driven by improvements in its data and broadband topline, which grew by 3% to P162.1 billion, PLDT Chief Financial Officer and Chief Management Officer Danny Y. Yu said in a briefing on Thursday.
Its wireless segment recorded total revenue of P83.5 billion in 2024, reflecting a 2% year-on-year increase.
Telco core income, which excludes the impact of asset sales and losses from Maya Innovations Holdings, reached P35.14 billion, rising by 2.3% from P34.34 billion in 2023.
“Our 2024 results highlight PLDT’s resilience and the continued demand for reliable connectivity. But our intention is to use this as a benchmark for even better performance in the coming years,” said PLDT and Smart Chairman and Chief Executive Officer Manuel V. Pangilinan.
For 2025, Mr. Pangilinan said the company is confident it can sustain its growth, noting that it would be in an “even better position” in terms of growth trajectory.
CAPEX GUIDANCEThis year, PLDT has set a capital expenditure (capex) guidance of between P68 billion and P73 billion to fund its network rollout, new cell sites, 5G network upgrades, and artificial intelligence initiatives.
The company’s capex guidance for this year is significantly lower than its total capex spending in 2024, which stood at P78.2 billion.
Meanwhile, Maya, PLDT’s financial technology arm, achieved growth after recording 5.4 million bank customers, up 71% year-on-year.
Earlier, Mr. Pangilinan said the group was looking to increase its stake in Maya Bank, Inc. Maya is owned by Voyager Innovations, Inc., while PLDT is Voyager’s main shareholder.
To recall, KKR tapped Goldman Sachs for the possible sale of its minority stake in Maya. KKR owns more than 20% of Maya.
“We know they (KKR) are trying to scan the market for the value of Maya, so you see Maya is just starting to turn the corner. We’d be keen to increase our stake for whatever might be available,” Mr. Pangilinan said.
Mr. Pangilinan said the company’s negotiations with European fund manager CVC Capital Partners for the sale of a minority stake in its data center business, ePLDT, Inc., have ended.
“We are in discussions at the moment with another potential foreign investor,” Mr. Pangilinan said, though he declined to identify the new investor.
Previously, the company had engaged Japan’s Nippon Telegraph and Telephone (NTT) for the potential sale of up to 49% of its data center business, but that deal was also eventually dropped.
To date, PLDT, through its subsidiary ePLDT, Inc., operates 11 data centers, including the 50-megawatt hyperscale data center in Sta. Rosa, Laguna.
At the local bourse on Thursday, shares in the company fell by P12, or 0.86%, to close at P1,376 apiece.
Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., holds a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Ashley Erika O. Jose