Converge ICT reports record P10.8 billion net income

Converge ICT Solutions announced a significant 18.8% increase in its net income after tax, reaching P10.8 billion, compared to P9.1 billion in 2023.

The company's total revenues also saw a considerable rise, climbing to P40.6 billion, a 14.8% increase year-on-year, largely driven by its residential and enterprise segments.

Specifically, revenues from small and medium enterprises within the enterprise arm experienced the highest growth at 30.9 percent.

Converge ended the year with 2,563,458 subscribers and has repaid a portion of its debt, bringing the balance down to P29.5 billion.

While capital expenditure was slightly lower than anticipated due to project delays, the company anticipates a 14 to 16 percent growth in consolidated revenues for 2025.

They believe their products are well-positioned to capitalize on the industry's growth potential.

Converge remains optimistic about its future, citing a broad underserved market and a strong trajectory.