Converge Information and Communications Technology Solutions Inc., the fixed broadband company of Pampanga-based businessman Dennis Uy, on Monday said it expects revenue this year to increase by 12 percent up to14 percent from P35.36 billion, sustaining a growth rate seen in the first half of the year.
Converge’s revenue in the first six months was up 12 percent to P19.52 billion, supported by continued subscriber growth. At the end of June this year, Converge reported 2.35 million subscribers, an increase of 19 percent year-on-year.
Capital spending this year is expected to reach between P15 billion and P17 billion to sustain subscriber growth.
The company indicated that capital expenditures next year will likely be lower. “We forecast that the estimated CAPEX for costs associated with our digital infrastructure buildout (namely for data centers and international subsea connectivity) will be in the range of P12 billion to P15 billion. The final 2025 CAPEX budget will be presented and promptly disclosed during the FY2024 results,” Converge told the Philippine Stock Exchange.
