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Converge net income rises 22 percent in 2023

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Benise Balaoing

ABS-CBN News

<p>MANILA -- Fiber broadband operator Converge ICT on Monday said its net income after tax grew by 22 percent to P9.1 billion in 2023.</p><p>Converge said revenues climbed to P35.4 billion, up from the P33.2 billion in 2022.</p><p>The firm said revenues from its residential segment reached P30.3 billion, while its enterprise arm saw its revenues grow year-on-year to P5.1 billion.</p><p>Converge said it ended 2023 with 2,128,052 subscribers--about 2.01 million of which are postpaid subscribers, while 114,836 are prepaid subscribers. </p><div><a href="https://news.abs-cbn.com/business/10/02/23/converge-now-has-2-million-subscribers" rel="noopener noreferrer" target="_blank">Converge now has 2 million subscribers</a></div><p>President and co-founder Grace Uy said they are seeing better growth for the company in 2024.</p><p>&quot;W<span id="isPasted" style="line-height:107%">e are hoping to grow the revenue, this year we only grew 5 percent, but with good uptake of the products that we have just launched, we see the traction of its growth, we are aiming at revenue growth of 7 to 8 percent for 2024. So we expect the growth in the residential business,&quot; she said.</span></p><div><span id="isPasted">Chief Executive Officer Dennis Anthony Uy added, however, that they expect growth in the enterprise space as well. </span></div><p>&quot;We strengthened our presence in the key tourism destinations, among them Boracay island. We continue to attract the hospitality industry in other tourism hotspots all over the country,&quot; he noted.</p><p>Uy said the bulk of Converge&#x27;s 2024 cash capital expenditure--which may reach P17 billion to P19 billion--will be allotted for cables connecting the Philippines to Asia.</p><div><span id="isPasted" style="line-height:107%">&quot;I think the main 2024 CAPEX is the two international cables, so it&#x27;s due for, hopefully by the 3<sup>rd</sup> quarter, before [the] end of the year. Our landing stations are ready, I think they’ll lay down cable now between Singapore and Davao,&quot; he said.</span></div><div><span id="isPasted"><span id="isPasted" style="line-height:107%">&quot;The other one is ongoing construction from Hong Kong, branching to the Philippines going to Singapore. This is inter-Asia,&quot; he added.</span></span></div><div><span id="isPasted"><span id="isPasted"><a href="https://news.abs-cbn.com/video/business/01/18/24/dito-converge-deal-will-result-in-better-prices-for-subs" rel="noopener noreferrer" target="_blank">DITO-Converge deal will result in &#x27;better prices&#x27; for subscribers: Official</a></span></span></div><p>Uy also said their Converge free Wi-Fi will also be available in all terminals of the Ninoy Aquino International Airport (NAIA) by April.</p><div><a href="https://news.abs-cbn.com/business/11/14/23/converge-offers-free-wifi-at-naia-soon-in-other-airports" rel="noopener noreferrer" target="_blank">Converge offers free WiFi at NAIA, soon in other airports</a></div><p style="margin-top:0cm;margin-right:0cm;margin-bottom:8.0pt;margin-left:0cm;line-height:107%">&quot;We have two already: Terminal 3 and Terminal 4. (Terminal) 1 and 2 is coming up. By April, everything is up already,&quot; he said.</p><div style="margin-top:0cm;margin-right:0cm;margin-bottom:8.0pt;margin-left:0cm;line-height:107%"><span class="fr-video fr-deletable fr-fvc fr-dvb fr-draggable" contenteditable="false" draggable="true"><iframe width="640" height="360" src="https://www.youtube.com/embed/jtYP-oTwSQE?&amp;ab_channel=ANC24%2F7autoplay=1&amp;wmode=opaque&amp;rel=0" frameBorder="0" allowfullscreen="" class="fr-draggable"></iframe></span><br/></div>

<p>Converge ICT said its net income after tax grew by 22 percent to P9.1 billion in 2023. </p>

Converge ICT said its net income after tax grew by 22 percent to P9.1 billion in 2023.