Converge ICT Solutions Inc. on Tuesday projected continued robust growth of its enterprise business this year on the back of its expansion into new areas, particularly in the Visayas and Mindanao.
“We are pleased to see an upswing in our enterprise unit, Converge Business, and we’re bound to see more growth as we introduce new products and services that go beyond connectivity,” said Jesus C. Romero, Converge chief operations officer.
“Our expansion into key tourism destinations like Boracay and Palawan will also bolster opportunities to tap both small and large companies in these areas,” he added.
According to him, Converge also projects additional revenue from its recent foray into the international wholesale market.
“We have already set up a Singapore office which is now in full operation with the hiring of a general sales manager,” he said.
Romero said investments in additional capacity in future international cable systems and data centers prepare Converge to service even more global companies and the wholesale market.
The country’s only pure-play high-speed fixed broadband operator generated net income of P4.28 billion from January to June, up 24.7 percent from P3.95 billion in the same period last year.
Consolidated revenue increased 8.1 percent in the six-month period to P17.36 billion from P16.05 billion a year earlier.
Revenues from the residential business rose to P14.87 billion from P14.08 billion, while the enterprise segment’s revenue went up to P2.48 billion from P1.96 billion.
Converge rounded the first half of 2023 with 1,969,663 subscribers, including 1,915,502 postpaid subscribers and 54,161 prepaid users.
Its active residential subscriber count of 1,969,663 as of June count only 42,797 enterprise subscribers.
Converge set aside up to P17 billion as capital expenditures for 2024, 70 percent higher than this year’s capex of less than P10 billion.
Its capex next year will finance investment at its Asia Pacific and trans-Pacific cable system and the expansion of its fiber backbone and other digital infrastructure.
“Our expansion into key tourism destinations like Boracay and Palawan will also bolster opportunities to tap both small and large companies in these areas,” he said.
According to him, Converge also expects additional revenue from its recent foray into the international wholesale market.
“We have already set up a Singapore office which is now in full operation with the hiring of a general sales manager,” he said.
Romero said investments in additional capacities in upcoming international cable systems and upcoming data centers prepare Converge to service more global companies and the wholesale market.
The country’s only pure-play high-speed fixed broadband operator earned P4.28 billion from January to June, up 24.7 percent from P3.95 billion in the same period last year.
Consolidated revenue increased 8.1 percent in the six-month period to P17.36 billion from P16.05 billion a year earlier.
Revenue from the residential business rose to P14.87 billion from P14.08 billion while enterprise revenue increased to P2.48 billion from P1.96 billion.
Converge ended the first half of 2023 with a total of 1,969,663 subscribers, including 1,915,502 postpaid subscribers and 54,161 prepaid users.
Its active residential subscriber count total 1,969,663 as of end-June while enterprise subscribers hit 42,797.
