Converge's subscribers reach 2.35 million as of H1

Over 2 million of them are postpaid customers.

2.35 million Filipino houses are powered by Converge ICT

Earnings up 23.6 percent

In its financial results for the first half of 2024, Converge reported a total of 2,351,803 subscribers as of the end of June. This is comprised of 2,159,284 postpaid subscribers and 192,519 prepaid subscribers.

The 1H2024 net adds of 223,751 shows continuous demand for core product FiberX, as well as the new brands BIDA Fiber and Surf2Sawa, the company said.

Converge also reported that its net income after tax grew by 23.6 percent to PHP 5.3 billion in the first six months of the year.

In terms of revenues, the company said this grew 12.4 percent to PHP 19.5 billion.

Converge's residential business grew 11.8 percent to PHP 16.6 billion, while FiberX maintained a steady demand growth with an 18.8 percent increase in gross additions and 83.3 percent increase in net additions.

Meanwhile, BIDA Fiber and Surf2Sawa continued to register all-time-high quarterly gross adds. These now represent 5 percent of residential revenue and more than 13 percent of total residential subscriber base, Converge said.

Consolidated subscriber base reached 2,351,803 as of June 2024.

In the first half, enterprise revenue grew by 16 percent year-on-year to PHP 2.9 billion, with the small and medium enterprise continuing to be the fastest growing subsegment with 29.5 percent revenue growth.

With the first six months significantly outperforming expectations, Converge has upgraded its full year 2024 targets. From 7-8 percent consolidated revenue growth, Converge now expects to grow top-line revenue by 12-14 percent with BIDA Fiber and Surf2Sawa continuing their growth trajectory and FiberX exceeding targets, the company said.

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Source: Converge