Converge net income rises 22 percent in 2023 | ABS-CBN
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Converge net income rises 22 percent in 2023
Converge net income rises 22 percent in 2023
MANILA -- Fiber broadband operator Converge ICT on Monday said its net income after tax grew by 22 percent to P9.1 billion in 2023.
MANILA -- Fiber broadband operator Converge ICT on Monday said its net income after tax grew by 22 percent to P9.1 billion in 2023.
Converge said revenues climbed to P35.4 billion, up from the P33.2 billion in 2022.
Converge said revenues climbed to P35.4 billion, up from the P33.2 billion in 2022.
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.
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.
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.
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.
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President and co-founder Grace Uy said they are seeing better growth for the company in 2024.
President and co-founder Grace Uy said they are seeing better growth for the company in 2024.
"We 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," she said.
"We 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," she said.
Chief Executive Officer Dennis Anthony Uy added, however, that they expect growth in the enterprise space as well.
"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," he noted.
"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," he noted.
Uy said the bulk of Converge's 2024 cash capital expenditure--which may reach P17 billion to P19 billion--will be allotted for cables connecting the Philippines to Asia.
Uy said the bulk of Converge's 2024 cash capital expenditure--which may reach P17 billion to P19 billion--will be allotted for cables connecting the Philippines to Asia.
"I think the main 2024 CAPEX is the two international cables, so it's due for, hopefully by the 3rd quarter, before [the] end of the year. Our landing stations are ready, I think they’ll lay down cable now between Singapore and Davao," he said.
"The other one is ongoing construction from Hong Kong, branching to the Philippines going to Singapore. This is inter-Asia," he added.
Uy also said their Converge free Wi-Fi will also be available in all terminals of the Ninoy Aquino International Airport (NAIA) by April.
Uy also said their Converge free Wi-Fi will also be available in all terminals of the Ninoy Aquino International Airport (NAIA) by April.
"We have two already: Terminal 3 and Terminal 4. (Terminal) 1 and 2 is coming up. By April, everything is up already," he said.
"We have two already: Terminal 3 and Terminal 4. (Terminal) 1 and 2 is coming up. By April, everything is up already," he said.
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