Converge ICT's 2021 net income balloons to PHP 7.16 billion

Fiber broadband provider Converge ICT reported that its earnings last year surged to PHP 7.16 billion amid a growing subscriber base.

File photo: Converge ICT logo

Converge posts solid 2021 financial performance

The company said its consolidated revenues also jumped 69.2 percent to PHP 26.479 billion compared to the PHP 15.652 billion recorded a year earlier.

Converge attributed its solid growth to its residential business, which alone generated PHP 23.129 billion.

As of the end of December 2021, the company has nearly 1.7 million residential clients, 63 percent higher than 2020 figures. Its network already reached 10.9 million homes, Converge added.

Converge further expanded its coverage in the Visayas and Mindanao as it introduced its services in multiple areas, including Bukidnon, Agusan Del Norte, and Bohol.

Our entry into Visayas and Mindanao contributed to our aggressive port rollout and continued turn-in of subscribers in Luzon and existing markets pushed up our residential business revenues by 83.2 percent. Our network has now passed 10.9 million homes and we’re covering around 42.5 percent of Philippine households. We’re confident of meeting our accelerated goal of reaching 55 percent of all households by 2023, said Dennis Anthony Uy, CEO and Co-Founder of Converge.

Its enterprise business, on the other hand, also saw its revenues climbing 10.7 percent to PHP 3.35 billion.

The group finished 2021 with its fiber backbone reaching 103,000 kilometers, passing through 495 cities and municipalities across the country.