CONVERGE Information and Communications Technology Solutions, Inc. (Converge) on Wednesday declared a first half net income of P5.29 billion, 23.26 percent up from P4.29 billion a year earlier.
Consolidated revenues grew 12 percent to P19.52 billion from last year’s P17.36 billion.
“We had a good, strong performance for the first half of 2024. We are confident we can sustain this for the second half of this year,” Converge CEO and co-founder Dennis Anthony Uy said in a briefing.
Converge operates fiber-optic broadband networks, internet protocol television, cable television and cable internet. As of June 30, it had a total of 2,351,803 subscribers, comprising 2,159,284 postpaid and 192,519 prepaid subscribers.
Converge said it spent P4.70 billion during the period and that the full-year total would hit P15-P17 billion.
“The company will be revising its revenue guidance due to our performance from 7 to 8 percent to 12 to 14 percent for the full year of 2024,” Converge President Grace Uy said.
“Generally speaking, the Philippines is still an under-penetrated broadband market. We believe we have the right products for all the households in the country, and we have the right team to make sure the demand of our customers is met,” Converge CFO Robert Yu said.
Asked about a graft complaint filed against Pasig Mayor Vico Sotto over alleged illegal tax discounts to Converge, Yu said they had yet to receive a copy of the complaint and added they had never violated any law.
“For the record, we have never received any tax discount from the City of Pasig. Reports are grossly inaccurate,” he said.
Converge’s share price on Wednesday went up by P0.24 to close at P12.34 per share.
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