Converge revenue up 14percent to P29.9-B

Fiber broadband provider Converge ICT Solutions, Inc. (Converge) announced a robust performance for the first nine months of 2024, with consolidated revenues rising by 14 percent to P29.9 billion and net income surging by 29 percent year-on-year to P8.2 billion.

Converge CEO Dennis Anthony Uy attributed the growth to strong performance across its residential, enterprise, and wholesale segments.

“Our initiatives continue to deliver positive results. Partnerships with tech companies have strengthened our capabilities, while our projects with the government are helping to bridge the digital divide,” Uy said during an online press conference.

The company added over 330,000 new residential subscribers in the first nine months of the year, including more than 108,000 in the third quarter alone. This brought Converge’s total subscriber base to 2.46 million, driving a 13.2 percent growth in residential revenues to P25.4 billion.

The enterprise segment also posted solid results, with revenues increasing by 19 percent to P4.5 billion. All enterprise sub-segments recorded double-digit growth, including the wholesale business, which grew by 16.6 percent year-on-year.

Converge Chief Commercial Officer Benjamin Azada outlined plans to leverage the company’s extensive network to expand cloud-based technologies and value-added services.

“We are aligning with the evolving needs of our customers. Our strategy includes complementing our core offerings with seamless integrations and new services to retain existing customers and attract new markets,” Azada said.

Among the latest innovations is the Converge Netflix Bundle, a residential subscription plan combining a boosted FiberX internet service with Netflix access. Starting at P1,798 per month, the plan includes various Netflix subscription tiers to suit customer preferences.

Converge also announced that the speed boost it previously offered to FiberX subscribers is now permanent. The basic FiberX 1500 plan now provides speeds of up to 300 Mbps, while the premium plan 3500 offers up to 1 Gbps.