14 Nov PT&T Q3 Report: Strong Net Income Growth in First Nine Months 2024 Drives Continued Momentum
Key Highlights of 9M2024 Performance
- Achieved a remarkable 120% year-on-year increase in Net Income.
- Demonstrated a strong 12% year-on-year Core EBITDA growth, reflecting enhanced operational efficiency and optimized business processes.
- Revenue remained steady, with a near-flat year-on-year comparison.
PT&T Corporation (PSE:PTT) (“PT&T” or the “Company”) today reported its third-quarter results for 2024, demonstrating continued net income growth, underscoring the company’s strategic initiatives to diversify and strengthen its market position.
PT&T has made significant strides in expanding its fiber optic infrastructure, and the rapidly increasing demand for IT services—particularly cloud solutions and network security—has cemented its position as a one of the leading players in the IT services industry.
Cost management initiatives have delivered robust results for PT&T, with total expenses decreasing by 5% year-on-year. Premises-related costs saw a dramatic 36% reduction, thanks to PT&T’s disciplined approach to managing its expenditures.
These measures contributed to a notable 12% increase in Core EBITDA, which grew to ₱54.4 million, up from ₱48.7 million in the previous year. PT&T’s Core EBITDA margin also saw a significant improvement, rising to 14%, up from 12% in 2023.
The impressive 120% year-on-year improvement in net income was fueled by the reduction in Rehabilitation-related interest payments, following the completion of the ₱8.9 billion debt-to-equity conversion in December 2023, as well as a decrease in depreciation expenses.
“Our third-quarter performance clearly reflects PT&T’s commitment to operational excellence, strategic service expansion, and ongoing innovation in both our broadband and IT services businesses,” said PT&T President and CEO, James Velasquez. “We continue to adapt and evolve with the changing telco landscape, implementing strategies that not only enhance our connectivity solutions but also bolster our IT service offerings. With a clear focus on long-term growth, we are optimistic about the continued success of our fiber-powered solutions and the exceptional value they will deliver to our customers and stakeholders.”
Looking ahead, PT&T is confident in sustaining its growth momentum in the remaining months of 2024. The company is well-positioned to meet its revenue targets for the year and expects continued growth in the broadband and IT sectors.
With several projects in the pipeline, as well as a partnership to provide high-speed, low-latency broadband internet across the Philippines, including remote areas, PT&T is well-positioned to capitalize on the opportunities ahead and continue its journey of growth and innovation.
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Disclaimer on Forward-looking Statements and Information:
This disclosure contains forward-looking statements and forward-looking information in accordance with applicable laws in the Philippines. These statements and information are based on the current expectations, estimates, and assumptions of our management regarding future events. They are subject to certain risk factors and uncertainties, including those beyond our control, which may cause the actual results, financial situation, or performance to differ materially from the estimates or developments implied in these forward-looking statements. We undertake no obligation to update these forward-looking statements to reflect actual results, changes in assumptions, or changes in other factors affecting such statements, as required by Philippine laws and regulations.
About PT&T Corporation (PSE:PTT)
Incorporated in 1962, PT&T Corp. (previously known as Philippine Telegraph & Telephone Corp.) is a diversified telecommunications and information technology services provider. The Company caters to corporate, small/medium business, and residential segments across the Philippines. PT&T continues to specialize in adapting its services to the needs of enterprise and institutional end users. At present, PT&T’s business activities are categorized into two major businesses: Connectivity and IT Services.
Currently, PT&T has a network reach of 29,203 fiber kilometers in high-growth areas, covering almost 40% of the total Philippine population. The Company holds a 25-year National Legislative Franchise which allows it to establish, maintain, and operate both wired and wireless telecommunications systems for domestic and international communication. PT&T is a publicly listed company in the Philippine Stock Exchange.
For media inquiries or further information, please contact:
PT&T’s Investor Relations at [email protected] or visit https://www.ptt.com.ph or check @PTTFiberInternet on Facebook or LinkedIn.