Converge ICT Solutions Inc., the Philippines’ leading fiber broadband provider, announced today robust financial performance for the first half of 2024. Net income surged by 23.6% year-on-year to PHP5.3 billion, while consolidated revenues climbed 12.4% to PHP19.5 billion.
The company attributed its impressive growth to the strong uptake of its residential broadband services and sustained double-digit expansion in the enterprise segment.
Converge’s residential subscriber base experienced explosive growth, with net additions more than doubling to 223,751 compared to 92,302 in the same period last year. This translated to an 11.8% year-on-year increase in residential revenues, reaching PHP16.6 billion in the first half of 2024.
Meanwhile, the enterprise business continued its upward trajectory, with revenues rising 16.0% year-on-year to PHP2.9 billion. This was driven by the successful rollout of products targeting the micro, small, and medium enterprise (MSME) sector and the expansion of regional enterprise sales.
“Our industry-leading performance in the first half of the year is a promising sign that 2024 will be another banner year for us. We see the demand for fiber broadband to remain unhampered, allowing us to continue reaching more and more Filipinos across different income levels with our flagship FiberX, low-cost postpaid BIDA Fiber, and prepaid Surf2Sawa offerings,” according to Converge President and Co-Founder Maria Grace Uy.
As of 30 June 2024, Converge’s consolidated subscriber base reached 2.35 million, representing a 19.4% increase from the previous year.
“With our recent commercial arrangement with Sky Cable Corp., we see these numbers as just the starting point. We expect the collaboration to bear fruit in terms of revenue growth, as we are bound to see increased port utilization and further monetize our network,” noted Converge CEO and Co-Founder Dennis Anthony Uy.
Converge solidified its position as the Philippines’ Fastest Internet Service Provider for the second consecutive year, according to Ookla’s latest independent survey. The company achieved a speed score of 147.77, surpassing its competitors in both speed and digital experience.
To further enhance its network capacity, Converge partnered with Nasdaq-listed Ribbon Communications Inc. to expand its fiber network from 800 Gigabits per second (Gbps) to 1.2 Terabit per second (Tbps) per channel.
Demonstrating its commitment to innovation, Converge also entered into a cooperation agreement with Super Micro Computer Inc. to pioneer AI-powered, green data centers in the Philippines.
“While we keep a firm handle on our fiber broadband products, we are by no means limiting our technology solutions to these. With the guidance of the Founders, we will continue to expand our business to encompass Filipinos’ digital needs,” said Converge Chief Operations Officer Jesus Romero.