Converge ICT Solutions Inc. aims to add 500,000 subscribers annually to its current subscriber base of 2.5 million to reach 4 million by 2027.
At a media briefing on Thursday, Chief Commercial and Sustainability Officer Benjamin B. Azada said Converge plans to expand its residential market share, focusing on middle and upper-income segments while strengthening its reach in lower-income markets through prepaid Surf2Sawa and BIDA Fiber postpaid.
“Our FiberX brand is very strong and healthy, and we have seen early fruits from these efforts nationwide,” Azada said. “As the Philippine economy grows and the middle class expands, we are very confident that we’ll reach 4 million subscribers by 2027.”
To support this, Converge has allocated up to P25 billion in capital expenditures for 2024. The company expects revenue to grow 14 to 16 percent, driven by fiber prepaid services, an Enterprise business rebound, and investments in data centers and subsea cables.
Converge is launching Content+, an internet-based TV solution for the hospitality sector, and expanding its data center business with a 300-rack facility in Caloocan and a 1,200-rack center in Pampanga. It is also integrating the Bifrost and Southeast Asia Hong Kong-Hainan Express Cable System subsea cables to improve redundancy.
In 2024, Converge's net income rose 19 percent to P10.8 billion, while consolidated revenues increased 15 percent to P40.6 billion. The Board approved a P0.43 per share cash dividend, nearly 30 percent of the policy range, payable on 16 April to shareholders on record as of 2 April.