Converge ICT Solutions, Inc. exhibited growth in its operations for the first nine months of 2024 as a result of the strong performance of its residential, enterprise and wholesale businesses. During the period, its net income rose 29% to reach PhP8.2-billion. Consolidated revenues likewise grew 14% to PhP29.9-billion.
Net additional residential subscribers hit more than 330,000 during the period, with more than 108,000 recorded in the third quarter.
“This sustained upward growth trend is reflective of our effort to make internet access more affordable and inclusive for a broader segment of the market. We are encouraged that our initiatives continue to bear fruit, with our partnerships with tech companies empowering us to strengthen our capabilities and our projects with the government contributing to bridge the digital divide,” said Converge CEO and co-founder Dennis Anthony Uy.
The strong demand for Converge products also contributed to the double-digit growth in its operations. FiberX gross adds during the third quarter was the highest of the last 10 quarters with churn rate maintained at around 2%. Surf2Sawa also recorded its highest quarterly gross and net
adds showing the continuous demand from the broader underserved market.
Converge ended the nine-month period with a total 2.46-million subscribers, registering a 13.2% expansion in residential revenues to PhP25.4-billion.
Revenues generated by Converge’s enterprise business during the period in review surged by 19% to PhP4.5-billion. The increase was attributed to the double-digit growth registered by all enterprise segments, including the wholesale segment which remained strong with 16.6% growth year-on-year.
“This is a result of our customer-centric approach, which emphasizes meeting the needs of our subscribers. For the remainder of the year, our focus is to continue exploring innovative ways to enhance satisfaction across our diverse customer base,” Converge Chief Operations Officer Jesus Romero said.
According to Benjamin Azada, Converge chief commercial officer, Converge intends to support growth by fully leveraging its extensive network to roll out cloud-based technologies and value-added services.
“What sets us apart is, we align ourselves with the future requirements of our customers. Looking ahead, part of our strategy is to complement our core products with more seamless integrations and value-added services so we can retain our customers and potentially tap into new market segments,” said Azada.
Converge collaborated with streaming giant Netflix to offer its newest residential subscription plan, Converge Netflix Bundles, where new and existing FiberX customers will be able to have both Internet and Netflix plan, all in one.
The new offering aims to provide countless entertainment options and a better streaming experience for FiberX users.
With the entry-level plan starting from P1,798 monthly, the solution extends customers a holistic entertainment experience, featuring a boosted FiberX plan with specific Netflix subscription tiers.
For hotel and lodging firms, the company also introduced Converge Sky+++, an innovative smart TV solution that includes an in-room entertainment and information hub as well as a high-definition Internet Protocol Television (IPTV).
Converge also made permanent its minimum 100Mbps speed boost to all its FiberX subscribers, which was initially launched in February this year in celebration of its back-to-back wins at the Ookla Speedtest Awards. Its basic FiberX 1500 plan now has up to 300Mbps speeds while FiberX Plan 3500 subscribers now experience speeds of up to 1Gbps. “We’re encouraged by the steady rally of the company. With this, all signs point to us hitting the 12-14% revenue guidance for 2024,” noted Converge president and co-founder Grace Y. Uy.