Converge ICT Solutions Inc., a fiber broadband and technology solutions provider, reported a 7% increase in consolidated revenues, amounting to P26.25 billion by the end of September 2023. This growth is attributed to the expansion of its residential customer base, which surpassed 2 million (2,048,286).
During the third quarter, Converge saw an increase in gross additional subscribers, exceeding 225,000. This represents an 82% surge compared to the same period last year and a 34% rise from the previous quarter, marking the highest quarterly gross additions for residential subscribers in the past eight quarters.
“We have seen an uptick in the take up of our flagship FiberX brand with about 166,000 gross adds during the third quarter, the highest since Q1 2022, while newly introduced brands, Surf2Sawa and Bida Fiber, are strongly contributing to the total customer base with newly-acquired subscribers during the quarter reaching almost 60,000,” said Dennis Anthony Uy, CEO and co-founder of Converge.
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Uy noted that the company’s affordable broadband products will continue to contribute a million subscribers more by 2025.
Revenue in the residential business grew by 5.2% year-on-year to P22.5 billion during the first nine months of the year while the enterprise business increased by 21.1% to P3.8 billion during the period.
Jesus Romero, COO of Converge, emphasized that the enterprise business is expected to play a more significant role in the company’s overall performance as Converge Business expands its offerings beyond connectivity.
With its sustained customer acquisition and prudent cost management, Converge registered a net income growth of 4% to P6.4 billion at the end of September this year compared to the year-ago level.
As of end-September 2023, Converge has deployed nearly 7.9 million fiber ports, making it the widest fiber to the home network in the country. This network now passes 16.7 million homes, covering 77.85% of the Philippine population.