Converge expects subscriber base to grow to 4 million by 2027
CONVERGE ICT Solutions, Inc. said it expects to reach four million subscribers by 2027, driven by its expansion strategy.
“We are well on our way to reaching our goal of four million subscribers by 2027,” Converge Chief Commercial Officer and Chief Sustainability Officer Benjamin B. Azada said during a media briefing on Thursday.
Mr. Azada said the company saw strong growth across all its residential brands, bringing its total subscriber base to 2.56 million as of 2024.
Converge said its Surf2Sawa, the company’s affordable prepaid offering, together with BIDA Fiber, experienced growth in 2024.
For 2025, Converge previously announced a capital expenditure budget of up to P25 billion, primarily for subsea cable system payments and data center expansion.
“The data center we are creating now is for the digital transformation of the enterprise segment and the public sector, including our expansion for the consumer side,” Converge Chief Executive Officer Dennis Anthony H. Uy said.
The company plans to open two data centers in 2025 with a combined capacity of 13 megawatts (MW).
“An emerging business unit of Converge, its data center business, is expected to come online. It has been expanding its network of digital hubs to support the massive demand for content and cloud services,” Converge said in a separate media release.
Meanwhile, the Bifrost Cable System and the Asia-Hainan-Hong Kong Express (SEA-H2X) Submarine Cable System are expected to be completed in 2025.
This year, the company expects revenue to grow by up to 16% after posting a P10.8-billion net income for 2024, an 18.9% increase from P9.09 billion in 2023.
Total revenues rose by 14.8% to P40.61 billion from P35.36 billion a year earlier.
By segment, residential revenues grew by 14% to P34.42 billion, while enterprise revenues increased by 22% to P6.19 billion from P5.08 billion.
At the stock exchange on Thursday, Converge shares closed 3.76% higher at P18.78 apiece. — Ashley Erika O. Jose
