ABS-CBN
Converge net income up 18.8 pct in 2024
Converge ICT Solutions is projecting a revenue growth of 14% to 16% for 2025.
The company reported an 18.8% increase in net income, reaching P10.8 billion in 2024 from P9.1 billion in 2023.
Total revenues grew by 14.8% to P40.6 billion in 2024 compared to the previous year.
Residential segment revenues increased by 13.7% to P34.4 billion, while the enterprise segment saw a 21.9% growth to P6.2 billion.
Revenues from small and medium enterprises experienced the highest growth at 30.9%.
Converge ended 2024 with 2,563,458 subscribers and noted that its capital expenditure reached P3.9 billion, slightly below expectations due to project delays.
The company has reduced its outstanding debt balance to P29.5 billion.
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