Converge posts P5.2 billion net income on first 9 months of 2021

ABS-CBN News

Posted at Nov 11 2021 01:35 PM

MANILA - Converge Information and Communications Technology Solutions Inc posted a net income of P5.2 billion in the first 9 months of the year or more than double the P2.1 billion in the same period last year, it said Thursday.

Consolidated revenues grew 76.4 percent to P18.8 billion from January to September, compared to the P10.6 billion in the same period last year, it said in a disclosure to the stock exchange. 

Revenues from residential business rose 94.6 percent, the fiber fixed broadband operator said.

Converge said it ended the third quarter with over 1.5 million residential subscribers, up 75 percent from the same period last year. In September, its total nationwide network reached over 9.6 million homes, it added.

Revenues from the enterprise business grew 8.5 percent year-on-year, it added.

In August alone it added a record 100,000 new subscribers, Converge said.

It said it offered free speed boost to celebrate the 1.5 million additional subscribers. It will also release 3 new fiber plans for the holidays, Converge said.

"Closely listening to its consumers' pain points, Converge identified a gap to fill in order to offer better value for their money with no additional costs, yet fast speeds...Turbocharged speeds play a vital role in every Filipino's lifeline as homes became an office, school, marketplace and the like," it said.

During the third quarter, it said it has deployed 654,188 fiber-to-the-home ports. 

Converge said it is also on track to power up at least 55 percent of homes in the country by 2023 or 24 months ahead of its target date.

Its founder and CEO Dennis Anthony Uy earlier said it has on-going talks with Elon Musk's Starlink low-orbit satellite internet technology. It also recently launched a suite of solutions for Micro, Small and Medium Enterprises (MSMEs).

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