Converge Information and Communications Technology Solutions Inc. said Thursday it expects to sustain its double-digit revenue growth in 2025, driven by its residential and enterprise businesses.
“We are targeting 14 to 16-percent consolidated revenue this year,“ Converge chief finance officer Robert Leo Yu told reporters in a virtual briefing.
The company’s consolidated revenues went up by 14.8 percent to P40.6 billion in 2024, reinforcing its position as the fastest-growing fixed broadband service provider in the Philippines.
Residential business grew to P34.4 billion, representing a 13.7-percent year-on-year growth.
FiberX subscriber base grew 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. All subsegments maintained their double-digit growth.
The company ended 2024 with 2,563,458 residential subscribers. These include 2,272,827 postpaid subscribers and 290,631 prepaid subscribers.
Yu said the company allocated P20 billion to P25 billion for 2025 capital expenditures to fund investments in subsea cables, data centers and increased port deployment, aiming to expand coverage and enhance existing capacities.
Converge’s capex last year amounted to P9.3 billion, slightly lower than anticipated due to delays in turnover of turnkey projects.