Converge ICT Solutions, Inc. (Converge) continues to strive in making fiber connectivity accessible to more FIlipinos as they introduce budget-friendly plans and now, a prepaid fiber Internet product called Surf2Sawa (S2S).
S2S offers unlimited fiber Internet with speeds of up to 25 Mbps per household (with a maximum of 06 WiFi connections at the same time) and is currently available in sachet packages of PHP50 for 01 day, PHP200 for 07 days, PHP380 for 15 days, and PHP700 for 30 days of unlimited data. There is a one-time activation fee of PHP1,000 for this product offering.
“It is our belief that digital access is now a right of everyone. Thus, we want to provide our people with the internet that they don’t just deserve but they can afford as well. In this digital age, we want to make sure that no one will be left behind. We are seeing good traction in the uptake of our prepaid fiber with an average month-on-month growth of 20% in total subscribers since we rolled-out last year. We are able to do this through our partnership with the now micro-entrepreneurs in the communities,” according to Dennis Anthony Uy, Co-Founder and CEO of Converge during a press briefing held at their corporate HQ earlier today.
Uy announced that S2S is now available in more than 400 cities and municipalities across the Philippines, including key areas in Bulacan, Batangas, Quezon, Bicol, Panay, and Negros.
During the same press briefing, Converge reported solid financial and operating results for the full year 2022, on the back of robust subscriber growth across all segments and peak deployment of its pure fiber network.
In 2022, consolidated revenues of PHP33.7B marked a significant increase of 27.3% from the previous year. Moreover, the earnings before interest, taxes, depreciation, and amortization (EBITDA) reached PHP19.3B, with margins reaching a record high of 57.3%, resulting in a healthy net income of PHP7.4B. These figures have exceeded the revenue growth guidance of 25% and the EBITDA margin target of 55% for the year. Adding to its impressive financial performance, the company achieved an industry-leading Return on Invested Capital (ROIC) of 15.6% by the end of 2022.
Converge Chief Operations Officer Jesus Romero also gave an update on the WIFI6 modems/routers offered to its subscribers in late 2022. Watch some parts of the press briefing here: