Connect with us

Hi, what are you looking for?

Economy

Converge expects 55% household coverage by 2025

By Arjay L. Balinbin, Senior Reporter

LISTED fiber internet provider Converge ICT Solutions, Inc. is aiming to cover more than half of the country’s households by 2025, its top official said.

“We are hopeful that we can contribute to economic recovery as we reach our objective of 55% household coverage by 2025 with our fiber network and, in tandem, drive rapid take-ups once we deploy our ports,” Converge ICT Chief Executive Officer Dennis Anthony H. Uy told BusinessWorld in a recent e-mail interview.

The company is hoping to serve around four to five million customers in five years, he noted. “We passed one million subscribers before the end of 2020, and we continue to see strong demand as we entered the new year of 2021.”

Converge is also expecting to sustain the growth it saw in 2020, as it extends its services to other parts of the country.

“We are expecting to complete our national loop within the year, which will allow us to offer fixed broadband connection to other regions that remain underserved,” Mr. Uy said.

The newly listed company recently reported an attributable net income of P2.19 billion for the first nine months of 2020, up 57.63% from P1.39 billion it earned in the same period in 2019.

Its total revenues for the January to September 2020 period jumped 67% to P10.68 billion from the previous year’s P6.39 billion.

Converge said its residential and enterprise segments generated revenues of P8.41 million and P2.26 million, respectively, in the first nine months.

The company attributed the increase to the “higher revenue and prudent management of direct costs, including its international bandwidth and leased line costs.”

“Our expertise puts us in the prime position to help the community adapt to the digital lifestyle by serving their at-home needs,” Mr. Uy said.

“The work-from-home and study-from-home arrangements that we have seen at the height of the pandemic as well as the proliferation of online ventures have shown us another and more efficient way of going about our business, and we expect that to continue in some form or another,” he added.

Converge ICT shares closed 0.13% lower at P15.56 apiece on Friday.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

Economy

HANOI — Halfway through the 31st Vietnam Southeast Asian (SEA) Games, national team chef de mission Ramon Fernandez was guardedly optimistic that if the...

Economy

BAC NINH CITY — Ian Clark Bautista opened the campaign of the Philippine boxing team on a high by scoring a lopsided unanimous decision...

Economy

HANOI — Bolstered by its rousing opening-day win over Indonesia, the Philippine women’s basketball team faces a big test on Wednesday in the 31st...

Economy

HANOI — Four-time Southeast Asian Games champion Kiyomi Watanabe and two-time winner Mariya Takahashi are not on the national judo team competing in the...

Economy

ALL members of the Philippine team seeing action in the ongoing 31st Southeast Asian (SEA) Games in Hanoi, Vietnam have been insured until the...

Economy

LIVERPOOL is not blind to the qualities of Kylian Mbappé but will not be drawn into a bidding war for the Paris Saint-Germain (PSG)...

You May Also Like

Investing

Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...

Economy

Ivermectin, an existing drug against parasites including head lice, has had a checkered history when it comes to treating COVID-19. The bulk of studies...

Investing

Insomnia is the most common sleep disorder in the global population. Therefore, it is a problem that many people suffer or have suffered throughout...

Investing

As a traditionally rigid insurance industry becomes bogged down by antiquated processes and operations, a handful of industry leaders are seeking to shake things...

Disclaimer: SmartRetirementReport.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.