In 2023, network provider PLDT Inc. achieved a 3% increase in Gross Service Revenues, amounting to P6.5 billion and reaching a total of P201.8 billion.
Consolidated Service Revenues (net of interconnect costs) rose by 1%, or P2.2 billion, setting a new record at P191.4 billion. Its data and data-related net services revenues surged by 6% year-on-year, excluding revenues from legacy businesses.
Data and broadband services played a pivotal role, contributing 82% of consolidated service revenues with a 4% growth, totaling P5.9 billion and reaching P157.6 billion.
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“PLDT is aiming not just for higher profits but to return PLDT and Smart to their premier positions,” said Manuel V. Pangilinan, chair and CEO, PLDT and Smart Communications Inc. “This requires a commitment to excellence all around, including the quality of our network, the efficiency of our installations and repairs, the innovations we pursue and the speed of our services.”
Consolidated EBITDA soared to a record P104.3 billion, marking a 4% increase year-on-year, driven by higher revenues and reduced operating expenses. The EBITDA margin stood at 52% for the period. Telco Core Income, excluding asset sales and Maya Innovations Holdings, reached P34.3 billion, up 3% or P1 billion from the previous year, surpassing expectations.
Reported Net Income surged by 154% to P26.6 billion in 2023. As of end-December, Consolidated Net Debt amounted to P239.8 billion, with a Net Debt-to-EBITDA ratio of 2.30x. The Gross Debt stood at P256.9 billion, well-distributed in terms of maturities, with only 16% denominated in U.S. dollars and 5% unhedged. PLDT maintained its investment-grade credit ratings from Moody’s and S&P Global.
In line with its dividend policy, PLDT declared a final cash dividend of P46 per share, payable on April 5 to shareholders recorded as of March 21. This adds to the interim dividend of P49 per share paid in September 2023, bringing the total dividends declared from 2023 earnings to P95 per share, resulting in a dividend yield of 7.4% based on the closing share price of P1,279 on the last trading day of 2023.