PLDT Inc. said Thursday it expects core net income to settle “north of P35 billion” this year after posting a stellar performance in 2023.
PLDT said in a disclosure to the stock exchange its reported net income grew 154 percent to P26.6 billion in 2023 from a year earlier.
Core net income, excluding the impact of asset sales and Maya Innovations Holdings, reached P34.3 billion in 2023, up 3 percent, or P1 billion, from the previous year.
Consolidated service revenues grew by 1 percent to P2.2 billion to a record P191.4 billion in 2023 led by data and broadband, which grew by 4 percent to P157.6 billion.
This segment contributed 82 percent of consolidated service revenues.
Pangilinan said in a news briefing the group was also anticipating a mid-single growth in consolidated service revenue and earnings before interest, taxes, depreciation and amortization (EBITDA).
“PLDT is charting a bold, new course, armed by strategic foresight and our unwavering commitment to excellence. Our updated vision is to reshape the PLDT Group, strengthening our market leadership, pursuing growth and value, and spearheading our transformative drive towards becoming a Digico,” Pangilinan said.
Pangilinan said PLDT planned to partially sell its stake in its data center business to pay down debt. He did not divulge the value of the transaction.
He said the group was in talks with foreign data center operators for the transaction and was hoping to complete the sale this year.
Meanwhile, Pangilinan said PLDT allotted P75 to P78 billion for 2024 capital expenditures, lower than the P85.1 billion it spent last year, in line with the group’s overall strategy to reduce capital spending in the near to medium term to achieve free cashflow.
PLDT spent P635.2 billion in capital expenditures in the past 10 years.