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Converge ICT reported a significant increase in its financial performance for the year 2023. The company’s after-tax net income rose by 22 percent, reaching Php9.1 billion.

The company experienced an uptick in revenue, achieving Php35.4 billion, an improvement from the previous year’s Php33.2 billion. This growth was driven by Converge’s residential and enterprise divisions, with the residential segment generating Php30.3 billion and the enterprise arm seeing an increase to Php5.1 billion.

By the end of 2023, Converge had expanded its customer base to 2,128,052 subscribers. Of these, the majority are postpaid customers, totaling approximately 2.01 million, while prepaid subscribers accounted for 114,836.

Grace Uy, President and co-founder of Converge, expressed optimism for the company’s prospects in 2024, anticipating enhanced growth. Despite only a 5 percent revenue increase in the current year, she foresees a potential 7 to 8 percent revenue growth in the next year, particularly within the residential sector.

Dennis Anthony Uy, the Chief Executive Officer, also anticipates expansion within the enterprise market. He highlighted the company’s efforts to bolster its presence in prime tourist destinations, such as Boracay Island, and to engage the hospitality industry across various tourist hotspots nationwide.

A substantial portion of Converge’s projected cash capital expenditures for 2024, estimated to be between Php17 billion and Php19 billion, is earmarked for the installation of cables that will enhance connectivity between the Philippines and other parts of Asia.

Via: ABS-CBN News

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