PLDT’s consolidated service revenues up P45B in 2Q ‘21
By : Mindanao Today/07:22:55am 08/09/2021
ELEVATING customer experience to a new level by leading the charge in nationwide fiber rollout, as well as in 5G and 4G/LTE network expansion, the Philippines’ largest, fully integrated telecommunications company PLDT Inc. (PLDT) (PSE: TEL) (NYSE: PHI) grew Consolidated Service Revenues (net of interconnection costs) by a record 9%, or P3.7 billion, to P45.0 billion in the second quarter of 2021.
In the first half of 2021 versus a year ago, Service Revenues increased 8.5%, or P7.0 billion, to P89.9 billion, led by data/broadband, which grew by 16% to P68.3 billion.
Consolidated EBITDA hit an all-time high, growing 8% year-on-year or P3.4 billion to P46.6 billion, excluding MRP (Manpower Reduction Program) expenses, driven by higher service revenues. EBITDA margin was at 51% in the first half of 2021.
Telco core income (which excludes the impact of asset sales and Voyager Innovations) climbed 10% year-on-year or P1.3 billion to P15.2 billion in the first half of 2021, helped by lower tax rates.
Reported net income grew by 5% or P0.6 billion to P12.9 billion.
“Our initiatives in the first half of the year reassert the Group’s commitment to a digitally empowered Philippines, providing world-class connectivity as a human right, positioning the country as a key player in the global arena, and actively embarking on sustainable development,” said Alfredo S. Panlilio, PLDT Inc. and Smart Communications president and CEO.
“We enable Filipinos to secure a better future,” he emphasized.
Today, the Board of Directors declared an interim dividend of P42 per share, representing 60% of first half 2021 telco core income, in line with PLDT’s dividend policy.
Record date is set for 19th August 2021, while payment date is on 3rd September 2021.
Consolidated Net Debt as of the second quarter 2021 amounted to US$4,318 million whilst net-debt-to-EBITDA stood at 2.28x.
Gross Debt was at US$4,869 million, with maturities well spread out. Only 17% of Gross Debt was denominated in US dollars and considering hedges and available US dollar cash allocated for debt, only 5% remain unhedged.
PLDT’s credit ratings from Moody’s and S&P Global remain at investment grade.
Enabling the digital lifestyle
Sustained demand for data and broadband reinforced total Service Revenues across the company’s three customer segments – Home, Enterprise and Consumer Wireless.
Home registered the highest revenue increase in the second quarter.
PLDT and Smart continuously invested in network expansion to support the exponential rise in data traffic, bringing total first half capex to P41.3 billion.
Network upgrades represent the bulk of capital expenditure, as the company stays on track in building the country’s most extensive digital infrastructure to improve customer experience.
In line with business demand and in support of revenue growth, the Group’s continued rollout of its fiber, 5G and 4G/LTE networks is underpinned by its 2021 capex guidance of between P88 billion and P92 billion.
The investment empowers increasingly connected societies in the new normal, where customers’ digital lifestyles rely on strong connectivity. (PR)