MANILA -- Fiber broadband operator Converge ICT said its net income after tax grew by 18.8 percent to P10.8 billion, from P9.1 billion in 2023.

The company said revenues climbed to P40.6 billion, up by 14.8 percent from numbers seen the year before.

Converge net income rises 22 percent in 2023

Converge said revenues from its residential segment jumped 13.7 percent to P34.4 billion. The firm said it ended the year with 2,563,458 subscribers. 

Revenues from its enterprise arm, meanwhile, saw its revenues soar 21.9 percent year-on-year to P6.2 billion. The firm said revenues from small and medium enterprises had the highest revenue growth at 30.9 percent.

The company its capital expenditure reached P3.9 billion, slightly lower than expected due to delays in turnover of turnkey projects.

The firm, however, noted that it has repaid a portion of its debt, reducing the balance to P29.5 billion. 

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Converge said it expects consolidated revenues to grow by 14 to 16 percent in 2025.

"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," it said.

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