Converge ICT earnings in January-June hit PHP 3.25 billion

Fiber internet provider Converge ICT continued to experience strong performance in the market as its profit more than doubled in the first half of 2021.

Converge ICT more than doubled in 2021 first semester

Converge ICT further grows subscriber base

The company, in a statement released last week, said consolidated revenues surged 81.5 percent to a whopping PHP 11.78 billion against the PHP 6.49 billion posted in the same period last year.

Breaking down, revenues from its residential business more than doubled to PHP 10.21 billion from the previous PHP 4.97 billion. This, as its subscriber base, expanded to 1,355,079 compared to the 731,563 a year earlier.

The group has been also boosting its presence in the Visayas and Mindanao, as part of its goal of covering 15 million or 55 percent of Philippine households by 2025.

We’ve already hit the ground running when we had our soft launch in Cebu last November. Considering that we’ve only been operating in Mandaue and Cebu cities on a limited basis, we’ve already signed on thousands of subscribers and established partnerships with SME and Enterprise clients, said Converge CEO and Co-Founder Dennis Anthony Uy.

Enterprise revenues, meanwhile, also went up by 3.8 percent to PHP 1.56 billion against the PHP 1.51 billion generated a year prior.

Converge claimed the group's continuous expansion allowed it to capture a 47 percent market share of fixed broadband net adds amongst the three largest broadband operators in the Philippines.