PLDT Inc. on Thursday reported a 154 percent increase in net income last year, driven by cost reduction and revenue growth.
The company said net income amounted to P26.6 billion, up from P10.48 billion in 2022.
Telco core income, excluding the impact of asset sales and Maya Innovations Holdings (formerly Voyager Innovations Holdings), reached P34.3 billion, up 3 percent from previous year, ahead of guidance.
“PLDT is aiming not just for higher profits but to return PLDT and Smart to their premier positions, where they rightfully belong,” Manuel V Pangilinan, PLDT and Smart chairman and chief executive, said.
“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,”
PLDT’s gross service revenue amounted to P201.8 billion, up 3 percent, while consolidated service revenue grew by 1 percent to a record P191.4 billion in 2023.
Company expenses amounted to P158.47 million last year, down 24 percent from P209.42 billion in 2022.
Data and broadband, which grew by 4 percent to P157.6 billion, contributed 82 percent of consolidated service revenue.
PLDT Home’s fiber-only service revenue continued to grow, registering a 9 percent increase, to a record P53 billion in 2023. Fiber-only revenue accounted for 88 percent of total Home revenue of P60.4 billion.
Total fiber subscribers as of end-2023 stood at 3.2 million, with 234,000 fiber net additions for the year.
PLDT Group’s B2B arm, PLDT Enterprise, posted a record P47.1 billion in net service revenue, driven by an expansion in its dynamic ICT business and core data revenue.
The company’s individual wireless segment posted revenue of P81.8 billion in 2023, higher year-on-year by 2 percent, as mobile data revenues grew by 6 percent to P71.1 billion for the period, driven by an 11 percent year-on-year increase in mobile data traffic to 4,898 petabytes.
As of the end of 2023, Smart had registered 57.8 million mobile subscribers.
The PLDT Group has further expanded its total fiber footprint to over 1.1 million cable kilometers, consisting of over 0.9 million cable kilometers of domestic fiber and more than 200,000 cable kilometers of international fiber as of end-2023.
Homes passed reached more than 17.5 million in 70 percent of the country’s towns and 91 percent of municipalities.
