PLDT, the country’s largest integrated telecommunications company, on Thursday reported 4 percent more revenues in 2022 totaling P190.1 billion.
In the final three months last year alone, its consolidated revenues hit P48.2 billion, which was 4 percent or P2 billion more than in 2021.
“Our core business remains to be sound, and continues to show solid EBITDA (earnings before income, taxes, depreciation and amortization) numbers,” said Alfredo S. Panlilio, PLDT and Smart president and CEO.
This metric is a close approximation of the cash flow of an enterprise.
“We have an excellent network, strong brands and attractive products. Wireless is simplifying its portfolio, Home continues to expand beyond connectivity, and Enterprise is pursuing its digital transformation initiatives,” Panlilio added.
Consolidated EBITDA also reached an all-time high, growing 4 percent year-on-year to P100.5 billion, excluding manpower rightsizing program expenses of P5 billion, driven by higher service revenues. This marks the first time the company breached the P100-billion mark. EBITDA margin was at 51 percent in 2022.
Data and broadband, which grew by 9 percent or P12.7 billion to ₱P52.5 billion, contributed 80 percent of consolidated service revenues.
Telco core income, excluding the impact of asset sales and Voyager Innovations, reached P33.1 billion, up 10 percent or P2.9 billion from last year. Reported Income decreased to P10.5 billion, mainly due to accelerated depreciation booked for the year.
Consolidated net debt as of end-December 2022 amounted to P225.7 billion while net-debt-to- EBITDA stood at 2.25 times. Gross debt was at P251.9 billion, with maturities well spread out. Only 17 percent of gross debt is denominated in US dollars and 5 percent is unhedged. PLDT maintained its credit ratings from Moody’s and S&P Global at investment grade.
“We still have one of the highest EBITDA margins in the region, a good indicator of how well the core telco business is performing,” Panlilio said.
