PCCW (8) H2 2024 earnings summary

Executive summary

• Revenue grew 3% to over $4.8 billion (HK$37,557 million) in 2024, with EBITDA stable at $1.647 billion (HK$12,849 million) and margin at 34%.

• Viu paid subscribers increased 17% to 15.5 million, with strong gains in Indonesia, Malaysia, and Thailand.

• Free TV & Related Business revenue rose 11% to over $136 million (HK$1,057 million), driven by artiste management and events.

• Supported Hong Kong's positioning as Asia's events capital, leveraging media and production capabilities.

• Loss attributable to equity holders narrowed to HK$300 million from HK$471 million in 2023.

Financial highlights

• Viu OTT subscription and advertising revenue rose 15% and 17% year-over-year, respectively.

• HKT revenue up 1% to $4.46 billion (HK$34,753 million), EBITDA up 3%, and AFF/distributions up 3%, resulting in $400 million dividend income.

• Free TV business revenue increased 11%, with EBITDA margin at 18%.

• Board declared a final dividend of HK$0.2848 per share, full-year dividend HK$0.3825.

• CapEx/revenue ratio improved to 6.2%; total capex declined 5% year-over-year.

Outlook and guidance

• Fresh content pipeline for 2025 expected to support next cycle of syndication revenues.

• Continued investment in high-potential Southeast Asian markets, especially Indonesia, Malaysia, and Thailand.

• Prudent dividend policy to balance sustainable growth and shareholder returns amid economic uncertainty.