PLDT Inc. expects to post high single-digit growth in revenues this year driven by the sustained growth in its home broadband, wireless and enterprise businesses.
PLDT reported an 8 percent increase in last year’s net income at P24.3 billion, as consolidated services revenues rose 9 percent to P171.5 billion, the highest full year revenue ever attained by the company led by data/broadband demand which grew by 18 percent to P124.5 billion.
Manuel Pangilinan, PLDT chairman, president and chief executive officer, said in a virtual press briefing the company will continue to grow all its business segments this year, anchored on the sustained demand for data and broadband services.
“In terms of revenue, we anticipate growing our consolidated services revenues to high single digit for 2021, EBITDA (earnings before interest, tax, depreciation and amortization) follows with the high single digit growth and telco core income in the vicinity of P29-30 billion,” Pangilinan said.
Giving the breakdown for the “high single digit” growth target this year, he said home broadband will contribute the biggest growth of high double digit percentage term, followed by wireless and the enterprise business which are seen to post high single digit growth.
PLDT allocated P90 billion for capital expenditure (capex), up 25 percent from last year’s P 71.9 billion.
Bulk of the capex is for the expansion of its fiber network by 125,000 kilometers and additional 1.7 million ports as well as for Smart Communications Inc.’s wireless network.
Consolidated EBITDA hit an all-time high, growing 7 percent year-on-year to P88.8 billion, excluding manpower reduction program expenses of P2.6 billion, driven by higher service revenues.
In a related development, PLDT digital financial unit Voyager Innovations, operator of PayMaya, is raising $120 million to $130 million in funds to finance its programs from 2021 up to 2023, Pangilinan said.
According to Pangilinan, PayMaya is still expected to have big losses this year but is on track to break even in 2023 and be profitable by 2024.
PayMaya has helped enable over 60 government agencies and units with digital payments acceptance, registering an overall 1,200 percent growth in government transaction value at the end of 2020.