Dennis Uy-led DITO Telecommunity Corporation is confident of achieving a 45-percent revenue growth this year compared to last year amid its customers’ continued strong demand for mobile and internet connectivity.
“Despite being in a highly competitive market…DITO Tel is likely going to grow its revenues by around 45 percent on a year-on-year basis,” the company told the stock exchange on Friday, Dec. 6.
On Thursday, DITO CME Holdings Inc., its parent company, announced that it raised P2.5 billion from a recently concluded follow-on offer. The proceeds will fund DITO Tel’s commercial network rollout.
“We would like to thank the investing public for their steadfast support which enabled the success of this FOO,” said DITO CME Chairman Dennis Uy.
“The entry of a new investor last year as well as this follow-on offer puts DITO on a sounder financial footing and remains on the road to profitability by 2027,” the company added.
DITO CME President and Chief Operating Officer Donald Patrick Lim, meanwhile, hailed the company’s investment in DITO Tel.
“In a short span of time and during a global pandemic no less, DITO Tel has been able to build from the ground up a brand-new world-class 4G-5G network. Nearly 14 million Filipinos are now DITO users and enjoy fast and reliable telecom services,” he said.
In October this year, the company said it was targeting to more than double the number of its home subscribers as it banks on the millions of households within its coverage area yet without telco connection.
According to the company, there are more than 6 million households within DITO Tel’s service area who remain without internet connection.
At present, DITO has more than 2,000 5G cellular sites out of a total of 7,000 DITO cell sites across the Philippines.