Converge hikes revenue target as 6-month profit jumps by 23%

Broadband specialist Converge ICT Solutions Inc. has raised its growth forecast for the year with internet demand going up, expecting revenue to climb by as much as 14 percent.

- ELIJAH FELICE ROSALES

Converge reported that its profit jumped by 23 percent to P5.29 billion in the first half, from P4.29 billion a year ago, leading the broadband industry on growth numbers.

Revenue increased by 12 percent to P19.52 billion, brought about by the expansion of its subscriber base in both postpaid and prepaid segments.

Converge president and co-founder Maria Grace Uy said the company is now projecting a 12 to 14 percent growth in revenue for 2024.

Initially, Converge was eyeing to grow its earnings between seven and eight percent only.