Diversified telecommunications firm PT&T announced its financial results for the year ending December 31, 2021 with revenue growth of 19 percent to P520.74 million year-on-year attributed to an uptick in IT services demand as well as a respectable increase in its subscriber base at 9 percent.
Recurring service revenues grew by 13 percent as momentum built with the return of economic activity post-pandemic that saw more and more businesses bounce back.
PT&T’s foray in IT Services paid off with an impressive 207 percent growth, contributing 14 percent to the overall revenue share of the company.
“The easing of mobility restrictions in 2021 has reopened the economy, providing PT&T further boost to serve more customers with relevant connectivity and IT service bundles, enabling them to adapt and grow their businesses in these challenging times,” PT&T President and CEO James G. Velasquez stated.
Investment in people assets and network operations, which are necessary expenditures to grow the business, limited the core EBITDA margin in 2021 to 19 percent from 20 percent in 2020.
The company sustained a remarkable reduction in the company’s net loss by 27 percent versus last year’s 40 percent which is mainly driven by depreciation on account of network investments and non-core expenses related to its exit from corporate rehabilitation.
As it continues to invest in upgrading its network and the skill sets of its people, PT&T remains on track toward becoming the partner of choice for broadband connectivity and cutting-edge digital transformation solutions in the markets it serves.
“Even as the business impact of the pandemic spilled over to 2021, PT&T has proven to be resilient turning in an encouraging performance that augurs well in the scale-up of our business in 2022 and beyond,” Velasquez adds.
PT&T announced last month that it has entered a strategic partnership with US-based Continental Advisory Services (CAS) LLC and Urban Logistic Advisory Services (ULAS) Inc. to expand its network in underserved areas in NCR and key cities in the country.
This welcome development signals the start of PT&T’s position in staging a comeback as one of the top telecommunications firms in the country.
