Converge Q2/1H 2024 Results Media Briefing
Leading fiber broadband provider Converge ICT Solutions Inc. registered remarkable growth in the first half of the year, with net income surging 23.6% year-on-year to P5.3 billion and consolidated revenues growing 12.4% to P19.5 billion on the back of strong uptake of its residential broadband and sustained double-digit growth in its enterprise business.
Net additional residential subscribers of Converge more than doubled to 223,751 during the six-month period, a whopping 142% jump from 92,302 during the same period last year. This resulted in an 11.8% yoy growth in residential revenues to P16.6 billion in the first half of the year.
On the other hand, enterprise revenues increased by 16.0% yoy to reach P2.9 billion during the six-month period, following the 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,” said Converge President and Co-Founder Maria Grace Uy.
As of end-June 2024, the consolidated subscriber base of Converge reached 2.35 million, a growth of 19.4% from 1.97 million as of the same month last 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 remains to be the Fastest Internet Service Provider in the Philippines in 2024, as Ookla’s latest, independent survey among ISPs in the Philippines show a speed score of 147.77 – the best in the industry. This is the second year running that Converge has bested its competitors in speed and digital experience.
Last month, Converge also joined hands with Nasdaq-listed firm Ribbon Communications Inc. to expand its fiber network capacity from its existing 800 Gigabits per second (Gbps) to 1.2 Terabit per second (Tbps) per channel.
Solidifying its reputation as a first-mover in innovative technology, Converge also inked a cooperation agreement with global tech leader Super Micro Computer Inc., the US-based total IT solutions provider for artificial intelligence (AI), Cloud, Storage, and 5G/Edge, 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.
