PLDT Hits Income Target, Nets 21% More at P32.3 B

Telco giant PLDT Inc. hiked its profit by more than a fifth in 2024, drawing momentum from revenue growth and spending cuts, along with the buildup in its digital banking business.

- By ELIJAH FELICE ROSALES

PLDT said its net income grew by 21 percent to P32.31 billion last year, from P26.61 billion a year ago, showing resilience in the face of new industry challenges.

PLDT's core income, measured as profit from the flagship business, expanded by two percent to P35.14 billion, hitting its guidance of P35 billion for 2024.

Revenue jumped by three percent to P216.83 billion, with the telco sourcing nearly 75 percent of it from data and broadband. PLDT supported this earnings hike with a two percent cut in spending to P166.35 billion, slashing selling and depreciation expenses.