Converge Jan-Sept net income up 29% to P8.2 billion

Fiber broadband provider Converge ICT Solutions, Inc. posted a 29% increase in its net income in the January-September period to P8.2 billion and a 14% expansion of its consolidated revenues to P29.9 billion.

Converge Chief Executive Officer Dennis Anthony Uy said the increase was driven by strong performance in the company’s residential, enterprise, and wholesale businesses.

“We are encouraged that our initiatives continue to bear fruit, with our partnerships with tech companies empowering us to strengthen our capabilities and our projects with the government contributing to bridging the digital divide,” Uy said in an online press conference.

The company said that its additional residential subscribers reached more than 330,000 in the January-September period, with 108,000 gained in the third quarter.

Uy said that Converge during the first nine months of the year had a total of 2.46 million subscribers, accounting for a 13.2% growth in residential revenues to P25.4 billion.

For its enterprise business, revenues improved by 19% to P4.5 billion as all segments registered double-digit growth during the period, including the wholesale segment with a 16.6% compared to the same period last year

Converge chief commercial officer Benjamin Azada said the company would leverage its extensive network to roll out cloud-based technologies and value-added services to support further growth.

“We align ourselves with the future requirements of our customers. Looking ahead, part of our strategy is to complement our core products with more seamless integrations and value-added services so we can retain our customers and potentially tap into new market segments,” Azada said.

Also, Converge said that its minimum 100 Megabits per second (Mbps) speed boost to all FiberX subscribers is now permanent, with the basic FiberX 1500 plan now offering up to 300 Mbps while plan 3500 will offer up to 1 Gigabits per second (Gbps).

(PHOTO FROM CONVERGE ICT FACEBOOK PAGE)