Converge ICT Solutions Inc. Achieves Significant Growth in the First Half of 2024
Converge ICT Solutions Inc., a top fiber broadband company, is excited to say that they will be growing quickly in the first half of 2024. Between one year and the next, the company's net income rose 23.6% to P5.3 billion, and its combined sales rose 12.4% to P19.5 billion. This success is due to a high demand for internet services for homes and a steady growth of over 10% in the business sector.
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| Converge ICT Solutions Inc. Achieves Significant Growth in the First Half of 2024 |
Residential subscribers to Converge more than doubled in the first half of the year, rising from 92,302 to 223,751. This is a rise of 142% from the same time last year. This big gain led to an 11.8% year-over-year rise in residential sales, which reached P16.6 billion.
Converge's enterprise sales also grew by a healthy 16.0% year-over-year, hitting P2.9 billion over the six months. This growth was caused by the successful release of goods aimed at micro, small, and medium-sized businesses (MSME) and an increase in sales to regional businesses.
Maria Grace Uy, President and Co-Founder of Converge, was optimistic about the coming year. "We see the demand for fiber broadband remaining robust," she said. "This will allow us to reach more Filipinos across a wider range of income levels with our flagship FiberX, affordable postpaid BIDA Fiber, and prepaid Surf2Sawa offerings."
Converge Posts 5% Revenue Growth and 22% Surge in Net Income in 2023
The total number of subscribers to Converge had grown by 19.4% from the previous year to 2.35 million by the middle of 2024.
Dennis Anthony Uy, CEO and co-founder of Converge, said this about the company's new relationship with Sky Cable Corp.: "We see these numbers as just the beginning." We expect this partnership to bring in a lot of extra money as we get more people to use our ports and make more money off of our network.
With a top industry speed score of 147.77, Ookla's most recent independent study named Converge the Fastest Internet Service Provider in the Philippines for the second year in a row in 2024.
Recently, Converge teamed up with Ribbon Communications Inc., which is traded on the Nasdaq, to increase the speed of their fiber network from 800 Gbps per channel to 1.2 Tbps per channel. The business also teamed up with Super Micro Computer Inc., a global leader in technology, to be the first in the Philippines to build AI-powered, environmentally friendly data centers.
Jesus Romero, Chief Operations Officer of Converge, said, "We are still putting a lot of effort into our fiber broadband products, but we are not limiting our tech solutions to these." We will keep growing our business to meet the digital needs of Filipinos with the help of the Founders.
