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    PLDT Board approves unaudited consolidated
    financial statements for 1st half 2022

    Surmounting increasingly tough economic conditions, PLDT Inc. (PSE: TEL) (NYSE: PHI) (PLDT) grew Consolidated Service Revenues (net of interconnection costs) by 5% or P4.4 billion to an all-time high of P94.3 billion in the first half of 2022.

    In the second quarter of 2022, Consolidated Service Revenues grew by 6% to P47.9 billion, showing robust growth despite more difficult market conditions as the Company notched a fifth quarter of sequential improvements.
    Sustained quarter-on-quarter growth in data and broadband, which grew by 10% or P6.6 billion to P74.9 billion in the first half, contributed 79% to consolidated service revenues.
    Consolidated EBITDA in the first six months grew 8% or P3.9 billion year-on-year to P50.5 billion, another all-time high, crossing the P100-billion mark for the last 12-month period.
    EBITDA margin was at 52% in the first half of 2022, from 51% the previous year.
    Telco Core Income, excluding the impact of asset sales and Voyager Innovations, reached P17.0 billion, up 12% or P1.8 billion from the same period last year.
    Reported Income jumped by P3.8 billion or 30% to P16.7 billion.
    Alfredo S. Panlilio, PLDT and Smart President and CEO, said that PLDT is on track to meet its 2022 targets. Service Revenues are expected to post a mid-single digit growth.
    “Home broadband will lead this growth, with Enterprise also expected to register stronger performance, underpinned by ICT. And although Wireless faces tough market conditions, it should benefit from the continued opening up of the economy,” he said. “Improved customer experience is one of the key transformational goals in PLDT's aspirational 2025 vision and strategy, under which the company is also establishing new ways of working and a much higher pace of execution,” Panlilio added.
    “All these are in support of our mission to provide better connectivity for all in an enhanced digital ecosystem, accelerating Filipinos’ pivot to their digital lifestyles.”
    Consolidated Net Debt as of the first half of 2022 amounted to US$3.9 billion while net[1]debt-to-EBITDA stood at 2.16x. Gross Debt was at US$4.8 billion, with maturities well spread out. Only 16% of Gross Debt are denominated in US dollars and 5% are unhedged.
    PLDT maintained its credit ratings from Moody’s and S&P Global at investment grade. In April, PLDT announced the signing of Sale and Purchase Agreements in connection with the sale of 5,907 telecom towers and related passive telecom infrastructure, the largest ever acquisition of assets in the Philippines by international investors.

    Following this, PLDT announced on 1st June that its subsidiaries Smart and Digitel Mobile Philippines, Inc. have successfully achieved First Closing by completing the sale of 3,012 telecom towers, representing more than half of the towers being monetized. The corresponding cash consideration of approximately ₱39.2 billion has been received.

    The Second Closing was concluded on 1st August with the completion of the sale of 1,013 towers, with the corresponding cash consideration of ₱13.2 billion also received.

    The Group has to date completed the sale of 4,025 telecom towers representing 68% of the towers portfolio subject to the sale.

    PLDT’s gain on the First Closing stood at ₱12.6 billion in the first half of the year. PLDT anticipates additional closings over the next few months based on the number of towers being transferred. Final closing is expected by the fourth quarter of 2022.

    Earlier today, the Board of Directors declared: (i) an interim regular dividend of ₱47 per share, representing 60% of first half 2022 telco core income in line with PLDT’s dividend policy, and (ii) a special dividend of ₱28 per share, resulting from the proceeds of the towers sale.

    Record date is set for 18th August 2022, while payment date is on 5th September 2022. Another ₱3 billion of special dividends in connection with the towers sale will be declared together with the final dividend for 2022. (PLDT)


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