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Converge ICT records PHP 5.2 billion in net income

Fiber broadband provider Converge ICT Solutions Inc. reported on Thursday that its net income in the first nine months of 2021 reached PHP 5.2 billion, more than double the PHP 2.1 billion booked a year ago.
Converge ICT records PHP 5.2 billion in net income
Converge ICT gains more subscribers

Converge sees higher income

In a disclosure to the Philippine Stock Exchange, the company said consolidated revenues also surged by 76.4 percent to PHP18.8 billion in the period.

Converge attributed the strong performance to the continued growth of its subscriber base, its residential segment in particular.

Revenues from residential business almost doubled to 94.6 percent, while its enterprise business jumped by 8.5 percent year on year. As of the end of September, it now has more than 1.5 million residential subscribers, 75 percent higher than a year prior.

To celebrate the milestone, the company said it offered a free speed boost to celebrate the 1.5 million additional subscribers. It is also targeting to release three new fiber plans for the holidays.

Closely listening to its consumers' pain points, Converge identified a gap to fill in order to offer better value for their money with no additional costs, yet fast speeds... Turbocharged speeds play a vital role in every Filipino's lifeline as homes became an office, school, marketplace and the like, Converge said.
Source: PSE

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