PLDT Inc. posted an uptick in its financial performance for the first quarter of 2024. The company’s gross service revenues surged by 5%, or P2.5 billion, to P52.2 billion. Consolidated service revenues, excluding interconnect costs, saw a 3% increase, reaching P48.7 billion.
Data and broadband services emerged as significant contributors, expanding by 5% to P40.5 billion, constituting 83% of Consolidated Service Revenues. Excluding the impact of legacy revenues, consolidated service revenues witnessed an 8% surge.
Consolidated EBITDA soared by 5%, or P1.3 billion, year-on-year, reaching a record P27.3 billion, driven by increased revenues, with an EBITDA margin standing at 52%.
“We continue to squeeze growth out of an industry that seems bound by gravity. That said, our first quarter results are encouraging. We are determined to break past this gravitational hold,” Manuel V. Pangilinan, chair and CEO, PLDT and Smart, said in a statement.
Telco core income, excluding the impact of asset sales and Maya Innovations Holdings, reached P9.3 billion, up 8% or P0.7 billion from the same period last year, mainly due to higher EBITDA partly negated by the increase in financing costs and tax provisions.
PLDT Enterprise
Reported Income for the first quarter of 2024 surged to P9.8 billion, indicating a 9% year-on-year increase.
In the enterprise sector, PLDT Enterprise showcased robust performance, with net service revenues hitting P12.1 billion. Corporate data and ICT (Information and Communication Technology) services fueled this growth, with ICT revenues increasing by 13% year-on-year, driven by cloud services, managed services, and cybersecurity solutions.
PLDT’s Individual Wireless segment demonstrated a strong start to the year, with revenues reaching P21.1 billion, up by 7% year-on-year. Mobile data revenues, constituting 89% of total Individual Wireless revenues, experienced an 11% surge to P18.8 billion, reflecting improved data monetization and a 21% increase in blended ARPU (Average Revenue Per User).