Converge ICT Solutions Inc. Reports Strong Performance with 14% YoY Revenue Increase and 29% YoY Net Income Growth in First Nine Months of 2024
Converge ICT Solutions Inc. (PSE: CNVRG), a leading fiber broadband and technology provider, has reported a 29% year-on-year increase in net income to P8.2 billion and a 14% rise in consolidated revenues to P29.9 billion for the first nine months of the year. These positive results are attributed to the robust performance of its residential, enterprise, and wholesale sectors.
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| Converge ICT Solutions Inc. Reports Strong Performance with 14% YoY Revenue Increase and 29% YoY Net Income Growth in First Nine Months of 2024 |
The company added over 330,000 new residential subscribers within the first nine months of the year, with more than 108,000 joining in the third quarter alone.
Converge's CEO and Co-Founder, Dennis Anthony Uy, attributes this sustained growth to their commitment to making internet access more affordable and inclusive. He acknowledged their successful partnerships with tech companies and government projects that help bridge the digital divide.
The company's FiberX gross additions in the third quarter were the highest in the last ten quarters, with the churn rate staying around 2%. Surf2Sawa also had its highest quarterly gross and net additions, indicating continued demand from the broader underserved market.
By the end of the period, Converge had a total of 2.46 million subscribers, with residential revenues growing by 13.2% to Php 25.4 billion.
Converge's Chief Operations Officer, Jesus Romero, highlights their customer-centric approach and plans to continue exploring innovative ways to enhance customer satisfaction.
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The company's enterprise business saw revenues increase by 19% to P4.5 billion. All segments, including the wholesale segment, registered double-digit growth.
Benjamin Azada, Converge's Chief Commercial Officer, stressed the company's innovative mindset, adding that they are poised to support growth by rolling out cloud-based technologies and value-added services.
Converge recently announced a partnership with Netflix to offer its newest residential subscription plan, the Converge Netflix Bundles, starting from P1,798 monthly. The company also introduced Converge Sky+++, a smart TV solution for hotel and lodging firms, providing an in-room entertainment and information hub along with high-definition internet protocol television (IPTV).
Converge has permanently increased its minimum speed to 100 Mbps for all its FiberX subscribers, a move initially launched in February to celebrate its consecutive wins at the Ookla® Speedtest Awards.
Converge's President and Co-Founder, Grace Y. Uy, expressed optimism about the company's steady growth and their expectation to meet the 12-14% revenue guidance for 2024.
