PLDT Inc., the Philippines’ largest telecommunications provider, has posted a solid financial performance for 2024, demonstrating growth and resilience amid a rapidly evolving industry. Net income for the year rose significantly to P32.33 billion, up from P26.61 billion in 2023.
PLDT and Smart Chairman and CEO Manuel Pangilinan attributed the company’s success to its resilience and the sustained demand for reliable connectivity. “This financial performance highlights our continued ability to innovate and deliver exceptional service in a changing telecom landscape,” Pangilinan said.
PLDT remains a dominant force in the country’s digital ecosystem, boasting 59 million mobile subscribers and 3.4 million fiber broadband customers. The company’s expansive fiber footprint now covers 18.5 million homes, representing 73 percent of towns and 91 percent of provinces in the Philippines.
“The telco landscape is evolving quickly, and we will work non-stop to innovate, improve our services, and exceed customer expectations,” Pangilinan emphasized. “There are numerous challenges and opportunities ahead, including AI, big data, and the transition to a fully digital workforce. PLDT intends not just to survive but to shape the future.”
Financially, PLDT saw a 3 percent year-over-year increase in consolidated gross service revenues, reaching P208.4 billion. Net service revenue grew by 2 percent, totaling P194.7 billion. When excluding legacy revenue declines, net service revenue rose 5 percent, showcasing the company’s successful pivot toward new growth sectors.
The data and broadband segment continues to lead PLDT’s service offerings, accounting for 83 percent of total service revenues. This segment saw a 3 percent increase, reaching P162.1 billion. Meanwhile, mobile wireless revenues climbed 2 percent, totaling P83.5 billion, with mobile data revenues up 5 percent to P74.4 billion. The number of active mobile data users also grew to 41.3 million.
Fiber-only revenues surged 6 percent to P56.0 billion, representing 92 percent of total home segment revenues of P60.7 billion. The enterprise segment also showed solid growth, with revenues up 3 percent to P48.4 billion, and Corporate Data/ICT revenues rising 5 percent to P35.0 billion. The company also highlighted the success of its VITRO Sta. Rosa Data Center, which secured anchor locators, bolstering its enterprise offerings.
Consolidated EBITDA grew by 4 percent, reaching P108.5 billion, while the EBITDA margin remained stable at 52 percent. PLDT’s Telco Core Income rose by 2 percent to P35.1 billion, in line with guidance, and reported net income increased by 21 percent to P32.3 billion. The company declared a final dividend of P47 per share, bringing total dividends for 2024 to P97 per share, equating to a 60 percent payout ratio.
Outside its core telecom operations, PLDT also saw significant strides with its fintech arm. Maya Bank became profitable in September, and the entire Maya Group reported profits by December. Furthermore, PLDT was the only Philippine company to be included in the S&P Global Sustainability Yearbook 2025 and was recognized as an “Industry Mover” in global telecoms. In another achievement, PLDT ranked second overall in the Global Child Forum Benchmark and was the top-ranked telecom globally.
