After all the commotion over PLDT’s capex overrun that threatened to derail the company’s positive gains after the pandemic, PLDT Inc. chairman Manuel V. Pangilinan has successfully navigated the company over this big hump on the road.
And despite all of the wasted hysteria on ink and online about the budget overrun, it turns out that the expense was mostly on paper in terms of unexpected incurred budget costs that accumulated as business activities slowed during the pandemic.
PLDT’s net profit in 2022 was P10.48 billion, down from P26.36 billion in 2021. Nevertheless, the company’s core profit, which excludes the impact of asset sales and Voyager Innovations, reached P33.1 billion in 2022, up from P30.23 billion in 2021. The company’s core business remains sound and continues to show solid EBITDA numbers, according to PLDT and Smart president and chief executive Alfredo Panlilio.
PLDT has completed its forensic review of higher capital expenditures from 2019 to 2022 and found no evidence of fraud, intentional concealment, or bad faith conduct on the part of any employee of the company. MVP personally met with its major vendors representing about 80 percent of its outstanding capex commitments as of December last year, reducing outstanding commitments to P33 billion from P48 billion.
“2022 demanded practically everything that we had. Despite the adversities, I remain convinced that PLDT will not only survive but thrive; our core business is strong; and our people endured, inspired by our singular mission of safeguarding and enhancing shareholder value,” said Pangilinan.
Pangilinan further noted that the company’s financials remain robust and strong, despite the hiccup on the road. “It’s quite a relief… We’re relieved… that despite this hiccup in the road, the financials remain robust and strong,” added.
PLDT’s fundamentals have remained strong, and its earnings before interest, tax, depreciation, and amortization grew 4 percent to P100.48 billion—the first time in corporate history that PLDT breached the P100-billion mark, according to Panlilio. The company’s consolidated service revenues rose to P205.24 billion from P193.25 billion in 2021, while total expenses reached P210.74 billion, up from P152.49 billion. Of the total expenses, depreciation and amortization amounted to P98.71 billion, higher than P52.16 billion in 2021.
PLDT is looking forward to its 100th year and remains committed to its North Star of enabling a digital life for every Filipino and improving lives. The company has an excellent network, strong brands, and attractive products, with its Wireless arm simplifying its portfolio, Home continuing to expand beyond connectivity, and Enterprise pursuing its digital transformation initiatives.
