PLDT Inc. (NYSE:PHI) Q4 2023 Results Conference Call March 7, 2024 2:30 AM ET
Company Participants
Melissa de Dios - Chief Sustainability Officer, Head-IR
Manuel Pangilinan - Chairman, CEO
Danny Yu - CFO, CRO
Conference Call Participants
Arthur Pineda - Citi
Derrick Guarin - CLSA
Melissa de Dios
Good afternoon, and thank you for joining us today to discuss the Company’s Financial and [Technical Difficulty] for the Full Year of [Technical Difficulty]. Copy of today’s presentation is on the website, those who’ve not been able to do so download the presentation [Technical Difficulty] www.pldt.com under the investor relations section. Kindly note that [Technical Difficulty] broadcast of this event will be [Technical Difficulty] codes for the presentation is on the screen and in the confirmation notice is email to you.
For today’ s presentation we have with us our Chairman and CEO, Manuel Pangilinan; Mr. Danny Yu, our Chief Finance Officer and Chief Risk Officer; Attorney Marilyn Aquino, our Corporate Secretory and Chief Legal Counsel; and Mr. [indiscernible] Vea, Founder and CEO of Maya Philippines, as well as other members of the PLDT Group’s Management team.
At this point, let me turn the floor over to Mr. Yu to begin the presentation.
Danny Yu
Thank you, Melissa. Good afternoon, everyone. I'm very pleased to share with you PLDT's financial and operating highlights for the year 2023. Consolidated service revenue for 2023 rose by 1% to PHP 191.4 billion compared to the same period last year. On a gross basis, service revenue grew by 3% year-on-year. Operating expenses were lower by 2% or PHP 1.5 billion to PHP 87.1 billion. The combined increase in service revenues and decline in operating expenses resulted in a 4% rise in EBITDA to PHP 104.3 billion, a new all-time record high with EBITDA margin at 52%. Telco core income, excluding the impact of asset sales in Maya registered a PHP 1 billion increase to PHP 34.3 billion, higher by 3% year-on-year.
On segment basis, revenue growth continued to be broad-based. Individual revenues accounting for about 43% of the total revenues grew by 2% to PHP 81.8 billion. The Home and Enterprise segments registered new record highs. Home revenues grew by 1% to PHP 60.4 billion, with fiber-only revenues having added 9% to PHP 53 billion. Enterprise revenues gained by 1% to PHP 47.1 billion. Let me now go through the segments in greater detail.
The next slide shows that while the headline revenue growth ranges from 1% to 2%, there are underlying data revenue streams growing more strongly in line, if not stronger than the Philippine GDP growth. In the individual segment, mobile data accounting for 87% of the total revenues are growing 8% versus segment growth of 2%, reflecting the drug from legacy SMS in voice. Fiber revenues posted a 9% growth versus 1% segment growth due to the impact of legacy nonfiber revenues.