Converge Q1 core income surges as revenues leap

Converge ICT Solutions Inc. saw its core net income growing by almost a third during the first quarter, thanks to the “solid growth” of its residential and enterprise businesses.

During a media briefing, Converge officers reported that the company reported a core net income of “almost P2 billion” in the first three months of the year, a 27-percent increase from P1.55 billion the year prior.

this, as the listed fiber broadband provider recorded a 40-percent surge in revenues to P7.75 billion from P5.55 billion, driven by the strong performance of its residential and enterprise businesses.

Revenues from its residential vertical rose by 42 percent to P6.81 billion from P4.80 billion, as it registered gross subscriber adds of 188,000 during the quarter. this is 15 percent higher versus the same period in 2021, leading to a cumulative subscriber count of 1.8 million, higher by 53 percent compared to its year-ago level.

its enterprise business grew by 25 percent to P935 million from P750 million, as businesses of varying scale turned to Converge for their connectivity needs.

“We are seeing a solid growth of our financials in the first quarter of 2022 and we expect to hit our full-year targets as we remain aggressive in our network rollout and marketing activities both in the residential and enterprise segments,” Converge CEO and Co-founder Dennis Anthony H. Uy said.

Converge continues to be optimistic this year, as while the economy reopens and people start to become more mobile, Converge believes that home broadband will continue to be a “necessity, and not a luxury.”

“the revival of the economy and the return of businesses - especially smes [small and medium enteprises] - has given our enterprise business a push in the first quarter of the year. Moving forward, we hope to offer more value to smes as they continue to recover,” said Converge President Maria Grace Y. Uy.