Converge ICT records a 30 percent revenue surge in September!
Converge ICT Solutions shared that it registered a 30 percent surge in consolidated revenues during the first 9 months of 2022.
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| Converge ICT reported a 30 percent surge in revenue for 2022! |
Converge ICT recorded a 30 percent surge in revenue for 2022!
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| Converge ICT aims to continue its expansion in the coming year! |
The 30 percent surge gave Converge ICT of PHP 24.5 billion during 2022's first 9 months. This compared to last year's revenues in the same nine-month period lifted the company's income by PHP 6.1 billion which is 17 percent higher.
The deployment of fiber ports, with Converge deploying more than 411,000 Fiber to the Home (FTTH) ports nationally in the third quarter of 2022 alone, is assisting the rise in the number of residential subscribers. Converge is presently the Philippines' largest fiber infrastructure network, with a total of more than 6.7 million fiber terminals. As of now, 53 percent of households in the Philippines are covered by Converge, putting it on schedule to meet its expedited goal of 55 percent by 2023.
Converg ICT claimed 1.84 million or more residential users by the end of September 2022, up 16 percent from the same time the previous year. In the first nine months of the year, Converge ICT generated EBITDA of PHP 14.4 billion, up 39 percent over the same period last year. As a result, during the nine-month period, the company's consolidated EBITDA margin hit a record high of 59 percent.
The growing client base helped the SME category increase by 68 percent in the third quarter of 2022 compared to the same period in 2017. As of September 2022, Converge had 77 percent more SME clients than in the same period the previous year, a glaring indication that its enterprise broadband offerings are assisting the segment's recovery. As the business keeps making money off the capacity of its international connections and domestic fiber network, the Wholesale segment increased by 54 percent.
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