PCCW (8) H2 2023 earnings summary

Executive summary

• Continuing-operations revenue was $4.660 billion, up 1% YoY; EBITDA was $1.645 billion, up 4%.

• HKT growth in enterprise and mobile, and OTT monetization, supported results; full-year dividend was 38.25 HK cents per share, up 1% YoY.

• Strategic priorities include growing Viu profitability, diversifying media and event businesses, and expanding enterprise digital solutions.

Financial highlights

• Continuing-operations revenue rose to $4,660 million from $4,624 million in 2022; excluding mobile product sales, revenue rose 3% to $4,281 million.

• Continuing-operations EBITDA increased 4% to $1,645 million from $1,588 million.

• HKT revenue excluding mobile product sales grew 3% to $4,022 million; OTT revenue rose 22% to $314 million and Free TV revenue increased 5% to $122 million.

• Full-year dividend was 38.25 HK cents per share, up 1% YoY; dividend yield was 9.2%.

Outlook and guidance

• Viu aims to deepen and enrich its content portfolio while focusing on high-quality user engagement and profitability.

• HKT plans to leverage quad-play cross-selling, apply AI to operations and customer experience, and develop enterprise digital and industry solutions.

• ViuTV plans continued investment in quality content and talent, alongside expansion of talent and event management into new formats and markets.