Fiber broadband provider Converge ICT Solutions Inc. on Thursday, Nov. 11, reported a net income of nearly P5.2 billion at the end of September 2021, more than doubling at approximately 136% growth over the P2.2 billion net earnings booked in the same period last year.
In the third quarter alone, Converge said it added a record number of almost 280,000 subscribers, bringing its total residential subscriber count to nearly 1.6 million, 75% higher compared to the same period last year.
This was made possible as Converge reached peak levels in its port deployment at over 650,000 ports in the third quarter.
“We have completed our nationwide backbone, allowing us to expand into new areas in the Visayas and Mindanao, while continuing to go deep into underserved areas in Luzon. We have also augmented our sales force so that we can serve a broader number of our people with world-class fiber broadband connectivity,” said Converge CEO Dennis Anthony Uy.
As of end-September 2021, the nationwide network of Converge reached more than 9.6 million homes, allowing it to accelerate its target to cover approximately 55% of Filipino households to 2023, two years ahead of the original 2025 schedule announced during its initial public offering last year.
With strong and continued subscriber take-up, the consolidated revenues of the company grew by 76.4% year-on-year (YOY) to P18.8 billion in the first nine months of 2021. Revenues from the residential business grew by 94.6% YOY, almost doubling to P16.4 billion during the nine-month period.
In the past quarter, Converge also completed its P6 billion, 1,800-kilometer subsea cable project with its final landing in Coron, Palawan, connecting the country’s major islands to its domestic fiber backbone.
As of September 2021, Converge’s domestic fiber backbone is at 90,000 kilometers, passing through some 440 cities and municipalities nationwide and introducing its broadband service to new markets including Iloilo, Cagayan, and Cagayan de Oro.
