PLDT, Inc's Consolidated Gross Service Revenues Rose 4% to P155.0 Billion in 9M24

​PLDT Inc. (PLDT) announced that its Gross Service Revenues grew by 4% or P5.2 billion to P155.0 billion, while Consolidated Service Revenues (net of interconnect costs) grew by 2% or P2.6 billion to P144.9 billion in the first nine months of 2024. Data and broadband, which grew by 3% or P3.5 billion to P120.4 billion, contributed 83% to Consolidated Service Revenues. Excluding the drag from legacy revenues, Consolidated Service Revenues were higher by 5%. 

​“As we seek growth in a rapidly evolving digital landscape, we must take on an insurgent’s attitude to not simply embrace change but lead it,” said Manuel V. Pangilinan, PLDT and Smart Chairman and CEO. “We must challenge the wisdom that we have acquired over the years, to consistently rise to meet and exceed the constantly growing demands and expectations of our customers, in order to stay on track toward achieving escape velocity.”

Consolidated EBITDA grew by 3%, or P2.4 billion, year-on-year to P80.7 billion in the first nine months of 2024. EBITDA margin was at 52% for the period.

Telco Core Income, excluding the impact of asset sales and losses from Maya Innovations Holdings, reached P26.6 billion, up by 2% or P0.5 billion from the same period last year.

Reported Income was at P28.1 billion in the first nine months of 2024, up 1% year-on-year.

Telco Core EPS was at P123; Reported EPS reached P130.

Consolidated Net Debt as of end-September 2024 amounted to P259.8 billion, while Net Debt-to-EBITDA stood at 2.44x. Gross Debt stood at P272.6 billion, with maturities well spread out. 14% of Gross Debts are denominated in U.S. dollars and 5% are unhedged.

PLDT credit ratings from Moody’s and S&P Global remain at investment grade.

PLDT’s Individual Wireless segment posted revenues of P62.1 billion in the first nine months of the year, higher year-on-year by 2% or by P1.5 billion.

Mobile data revenues, which now account for 89% of total Individual Wireless revenues, grew by 5% to P55.2 billion from P52.4 billion.

Active data users stood at 41.2 million, with average data usage per subscriber at 11.6 GB, up 7% versus 10.8 GB in the same period last year. Mobile data traffic increased by 10% year-on-year to 3,989 Petabytes, primarily supported by the rollout of new sites and expansion of LTE sites.

The drivers for the increase in data traffic were Smart’s new mobile data offers including All Access 99, Doble Data promos and Smart Postpaid’s new channel exclusive plans. A highlight for 3Q2024 was Smart’s sponsorship and coverage of the 2024 Olympics through its Livestreams App and social media channels.

As of the end of September 2024, Smart had registered 60.3 million mobile subscribers.

PLDT Home posted fiber-only service revenues of P41.7 billion in the first nine months of the year, marking a 6% year-on-year increase, or an incremental P2.4 billion. Fiber[1]only revenues now account for 92% of total PLDT Home’s first nine months revenues of P45.2 billion.

PLDT Home’s Fixed Wireless segment returned to growth mode in the third quarter, up by 4% quarter-on-quarter versus the second quarter. There were over 463,000 Fixed Wireless subscribers at the end of September, higher by 5% from year-end 2024.

Improvements in service delivery continue to register industry leading Fiber churn levels of 1.7% in the first nine months of 2024 down from 1.91% in the same period last year.

Fiber installation capacity has continued to ramp up in the third quarter as well, with 228,000 fiber installs during the quarter—the highest since the first quarter of 2023.

Growth has also been driven by strong market adoption of new broadband products, such as the Fiber Unli-All bundle, Fiber Plan 899 and Home WiFi 5G+.

Total fiber subscribers as of end-September 2024 stood at 3.3 million, driven by PLDT’s continued Fiber expansion. PLDT’s Fiber network now covers at least 20,744 barangays nationwide, making it the largest in the country. PLDT will continue leveraging on its fiber/mobile network and wider PLDT group assets to grow PLDT Home through continued Fiber expansion in new and existing areas.

PLDT Enterprise, the corporate business arm of PLDT, reported P36.1 billion in net service revenues for the first nine months of 2024, reflecting steady growth driven by increasing demand across its core connectivity and ICT service areas.

PLDT Enterprise’s connectivity services recorded positive results, with fiber revenues rising by 8% and managed SD-WAN services growing by 33% as the company expanded its reach across key industries. In the wireless segment, Application-to-Person (A2P) messaging and Internet of Things (IoT) connections increased, with revenue from usage and connections rising by 44% and 12%, respectively.

ePLDT, PLDT’s ICT subsidiary, reported an encouraging revenue growth of 10% from the same period last year. This growth is attributed to a 9% rise in cloud technology service revenues and a 59% increase in cybersecurity services, alongside a notable 250% increase in managed IT services, driven by a growing demand from businesses for digital solutions that support efficiency and security.

VITRO Inc., the data center arm of PLDT, experienced a 16% increase in revenues from colocation services. The energization of VITRO Santa Rosa (VSR), the largest hyperscaler data center in the country, began in July, with an initial power capacity of 20MW expected by year-end. Once fully operational, VSR will double the PLDT Group’s total facility capacity to 100MW, further enhancing PLDT's infrastructure capabilities in support of the Philippines' digital transformation efforts.

As PLDT Enterprise continues to navigate the evolving digital landscape, it remains focused on delivering solutions that matter to its customers. By leveraging advanced technology and promoting digital transformation, PLDT Enterprise is committed to supporting its clients as they adapt to an increasingly connected environment.

The PLDT Group’s fiber footprint remains unparalleled and the most extensive in the Philippines. Homes passed reached 18.3 million in 72% of the country’s towns and 91% of total provinces.

Smart’s combined 5G/4G network covers around 97% of the population.

Capex for the first nine months of 2024 amounted to P52.3 billion, compared with P55.3 billion last year. Capex intensity ratio (capex as a percentage of service revenues) was at 34%, versus 37% last year.

PLDT and Smart’s network enhancement initiatives boost the PLDT Group’s commitment to support President Ferdinand R. Marcos Jr.'s digitalization mission, by expanding reliable internet access to Geographically Isolated and Disadvantaged Areas (GIDAs) across the Philippines as part of the Private Sector Advisory Council’s Digital Infrastructure sector. These expansions, which are part of the government’s flagship "Broadband ng Masa” Program, aim to provide residents in GIDAs with access to digital services that are vital for inclusive economic growth.

PLDT and Smart are also collaborating closely with the Government in their stepped-up efforts to combat mobile technology-aided crimes. This includes the launch of the public reporting portal ‘HULISCAM’, which complements the new and more advanced network firewall that the PLDT Group had recently activated to block malicious messages from passing through its network. Smart has also strengthened its SIM registration system by introducing enhanced verification tools and advanced technology including ‘live selfie feature’, liveness checks, and the disabling of stock selfies to combat fraudulent activities.

As of end-September 2024, Maya Bank’s deposit balances surged to P36 billion, driven by its innovative savings products and competitive interest rates. Its banking customer base also grew to 4.5 million, reflecting Maya Bank’s strong market appeal and ability to meet consumer needs.

Loan disbursements reached P67 billion, with growth fueled by Maya Easy Credit and Maya Personal Loans for consumers, as well as Maya Advance for MSMEs. The number of borrowers rose to 1.4 million, furthering Maya’s mission to provide accessible credit solutions for Filipinos.

Maya wallet’s recent product innovations and expanding offerings position it towards wider financial inclusion and digital transformation nationwide. It holds the leading position for cards and QRPH transactions.

Maya remains on track to become profitable by year end 2024.

Kayana Solutions Inc., formerly referred to as DigiCo, and Accenture (NYSE: ACN) yesterday signed a strategic collaboration to build a digital factory that will accelerate digital product development for the MVP Group. Under the collaboration, the digital factory will leverage on Accenture’s strengths in creating data-and-artificial intelligence (AI)-led customer experiences and in cloud-based solutions.

Jointly owned by PLDT, Meralco, and Metro Pacific Investments Corporation, Kayana harnesses the MVP Group’s data assets to provide hyper-personalized customer experiences, transforming the way businesses engage with their customers. Kayana is leading the charge in expediting data collaboration and AI adoption across all the MVP Group companies to enhance innovation, operational efficiency, and value for our customers.

Subject to securing the necessary approvals, Kayana is also poised to acquire a majority stake in Bayad CIS, positioning it to revolutionize payment solutions and future-proof the MVP Group’s capabilities.

PLDT and Smart continue to strengthen their commitment towards sustainability and ensure long-term profitability by doing business responsibly. The group leverages various innovations and strategic collaborations to advance alignment with global standards and continuously enhance its environmental, social, and governance (ESG) performance.

"Today, telco is not merely a technology, it’s a lifeline. Our customers expect connectivity that is instantaneous, seamless, reliable and extensive, and products and services that work every time and everywhere,” Pangilinan said. “We must continue to intensify our focus on delivering exceptional customer service, as we strive to transform our networks into platforms for innovation, enabling new industries, new products, new services and new ways of life.

“With nine months of 2024 behind us, we re-affirm our guidance for telco core income at north of P35.0 billion,” Pangilinan concluded.

PLDT is the Philippines’ largest integrated telco company. Through its principal business groups – from fixed line to wireless – PLDT offers a wide range of telecommunications and digital services across the Philippines’ most extensive fiber optic backbone, and fixed line and cellular networks.

PLDT is listed on the Philippine Stock Exchange (PSE:TEL) and its American Depositary Shares are listed on the New York Stock Exchange (NYSE:PHI). PLDT has one of the largest market capitalizations among Philippine listed companies.