Fiber broadband provider Converge ICT Solutions Inc. (Converge) reported a net income of almost P5.2 billion at the end of September 2021 with a 136% growth year-on-year (YoY) growth. It doubled earnings in the same period last year of P2.2 billion.
The company attributes the surge to increased demand for network connections amid the lockdowns caused by the COVID-19 pandemic. Its subscriber base added almost 280,000 more bringing its total residential subscriber count to nearly 1.6 million, or 75% higher compared to the same period last year.
“We have completed our nationwide backbone, allowing us to expand into new areas in the Visayas and Mindanao while continuing to go deep into underserved areas in Luzon,” said Dennis Anthony Uy, CEO, Converge. “We have also augmented our sales force so that we can serve a broader number of our people with world-class fiber broadband connectivity.”
Consolidated revenues of Converge grew by 76.4% YoY to P18.8 billion in the first nine months of 2021. Revenues from the residential business grew by 94.6% YOY, almost doubling to P16.4 billion during the nine-month period. Converge Business revenues grew by 8.5% YoY, to P2.5 billion, mostly from the SME segment.
In the past quarter, Converge also completed its P6 billion, 1,800-kilometer subsea cable project with its final landing in Coron, Palawan, connecting the country’s major islands to its domestic fiber backbone.
As of September 2021, Converge’s domestic fiber backbone is at 90,000 kilometers, passing through some 440 cities and municipalities nationwide and introducing its broadband service to new markets including Iloilo, Cagayan, and Cagayan de Oro.