Converge eyes up to 16% revenue growth

CONVERGE ICT Solutions, Inc. expects its revenues to grow by up to 16% this year after posting a P10.8-billion net income for 2024.

In a regulatory filing on Monday, the listed fiber internet provider said its profit rose by 18.9% to P10.8 billion from P9.09 billion in 2023.

“With the company’s strong trajectory and the industry’s broad underserved market, the company’s well-engineered products are well-positioned to capitalize on this growth potential,” Converge said.

The company’s total revenues increased by 14.8% to P40.61 billion from P35.36 billion a year earlier.

Broken down, revenues from its residential business rose by 14% to P34.42 billion, while enterprise revenues grew by 22% to P6.19 billion from P5.08 billion.

Converge said its FiberX subscriber base expanded by 196,419 during the year, 57.9% higher than the previous year.

Its small and medium enterprise segment remained the company’s fastest-growing subsegment.

“At Converge, our vision has always centered on giving amazing digital experiences,” Converge Executive Vice-President and Chief Commercial Officer Benjamin B. Azada said.

In January, Converge secured a Tier 3 design certification for its Caloocan data center, which is expected to go online this year.

The certification signifies compliance with industry standards for maintainability and redundancy, Converge said, adding that the facility is designed to accommodate 300 racks.

In a regulatory filing on Monday, the listed fiber internet provider said its profit rose by 18.8% to P10.8 billion from P9.09 billion in 2023. — Ashley Erika O. Jose