Converge ICT Solutions Inc. said Thursday net income grew 24.7 percent in the first half of 2023 from a year ago on the back of higher revenues from residential and enterprise segments.
The country’s only pure-play high-speed fixed broadband operator earned P4.28 billion from January to June, up from P3.95 billion in the same period last year.
Consolidated revenues increased 8.1 percent in the six-month period to P17.36 billion from P16.05 billion a year earlier.
Revenues from the residential business rose to P14.87 billion from P14.08 billion, while the enterprise segment’s revenue went up to P2.48 billion from P1.96 billion.
“We have sustained our growth with our newly-opened areas particularly in Northern Luzon, Visayas and Mindanao contributing more to our subscriber base,” the company said.
Converge ended the first half of 2023 with a total of 1,969,663 subscribers, including 1,915,502 postpaid subscribers and 54,161 prepaid users.
The company’s active residential subscriber count reached 1,969,663 as of June, while enterprise subscribers hit 42,797.
Converge allocated P15 billion to P17 billion for 2024 capital expenditures, higher than this year’s capex of less than P10 billion.
The capex next year would be used to finance its investment in its Asia Pacific and Trans-Pacific Cable System and expansion of its fiber backbone and other digital infrastructure.