14 August 2018, Manila, Philippines — NOW Corporation (PSE Ticker: NOW) has just released its half year performance with compelling results starting with gross revenues that increased 29%, from Php68.10 million to Php87.38 million.
This PSE-listed Technology, Media, and Telecommunications (TMT) firm posted its net income which soared by 158%, from Php2.26 million to Php5.82 million during the same period in 2017.
The Company’s Fiber in the Air broadband business surged by 104.88%, delivering gross revenues of Php20.01 million versus Php9.77 million of the same period as last year. The Software Licenses and Technical Services segment likewise grew by 34.97%, with gross revenues increasing from Php37.84 million to Php51.07 million, year-on-year.
“We continue to provide the needs of the enterprise market with guaranteed broadband internet coupled with robust IT solutions and manpower services. Our internet business has been a key growth driver due to NOW’s unique positioning as the only broadband provider that commits guaranteed minimum speeds 24×7. Soon, we will enter the high-rise residential buildings and villages that pass our technical criteria. Our software licenses, IT technical services and IT manpower have also been in a growth trajectory,” says Kristian Pura, Head of Business Development and Strategy of NOW Corporation.
“We recently began upgrading our network capacity by 400% to prepare for the huge demand of our existing and new broadband subscribers in Metro Manila. We will also introduce new IT products & services for the enterprise market which include Artificial Intelligence, Business Automation, Integrated Collaboration and Cloud Services. This is in collaboration with our global technology partners like IBM and Microsoft,” Pura added.
NOW Corp’s expansion strategy will be further supported by the issuance of up to 10 million preferred shares, amounting to Php1.00 billion. The Company already secured a pre-effective clearance from the Securities and Exchange Commission. The Follow-On Offering of the Company’s Preferred Share Issuance is currently with the Philippine Stock Exchange for approval. Proceeds shall be allocated to the expansion of the Company’s broadband business.