PLDT reports P32.31B net income, up 21.4% in 2024

PLDT reported a net income of P32.31 billion for 2024, marking a 21.4 percent increase from the previous year.

The company's consolidated revenue grew by 2.8% to P216.83 billion, primarily driven by service revenues which increased by 3.2% to P208.38 billion.

Data and broadband services contributed significantly to PLDT’s growth with a 3% increase in revenue to P162.1 billion, while wireless segment revenue rose by 2% to P83.5 billion.

PLDT plans to reduce its capital expenditure (capex) budget for the year, aiming to spend between P68 billion and P73 billion compared to last year's P78.2 billion.

The company is focusing on artificial intelligence (AI) initiatives and expanding its network infrastructure including 5G upgrades.

PLDT Chairman and CEO Manuel Pangilinan emphasized the group’s resilience in the face of challenges and expressed confidence in sustaining growth for the coming years.