Converge Information and Communications Technology Solutions Inc. said Monday its net income rose 18.8 percent year-on-year in 2024, fueled by growth in its residential and enterprise segments.
The country’s only pure-play high-speed fixed broadband posted a net income of P10.8 billion last year, up from P9.1 billion in 2023.
Consolidated revenues went up by 14.8 percent to P40.6 billion, reinforcing its position as the fastest-growing fixed broadband service provider in the Philippines.
Residential business grew to P34.4 billion in 2024, representing a 13.7-percent year-on-year growth.
FiberX subscriber base increased to 196,419 during the year, or 57.9 percent higher than in the previous year.
BIDA Fiber and Surf2Sawa recorded 90,458 and 175,795 respectively in 2024, their first full year since their official product launches.
Enterprise revenue rose 21.9 percent year-on-year to P6.2 billion. Small and medium enterprise continued to be the fastest growing subsegment with 30.9-percent revenue growth as all subsegments maintained their double-digit growth.
The company ended 2024 with 2,563,458 residential subscribers. These included 2,272,827 postpaid subscribers and 290,631 prepaid subscribers.
“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. The company looks to grow consolidated revenues by 14 percent to 16 percent this 2025,” Converge said.
The company allotted P20 billion to P25 billion for 2025 capital expenditures to fund its international subsea cable systems and the two data centers as well as port expansion.
Converge’s capex in 2024 amounted to P9.3 billion, slightly lower than anticipated due to delays in turnover of turnkey projects.