Converge ICT Solutions Inc. said Wednesday its net income grew 29 percent in the first three quarters of 2024 from a year ago, led by an increase in residential subscribers.
The company said net income amounted to P8.2 billion from January to September, up from P6.4 billion in the same period last year.
Consolidated revenues went up by 14.1 percent to P29.9 billion in the nine-month period from P26.2 billion a year earlier, reinforcing the company’s position as the fastest-growing fixed broadband service provider in the Philippines.
Residential business grew to P25.4 billion, representing a 13.2-percent year-on-year growth. This was largely attributed to the increase in the number of residential subscribers.
FiberX gross adds in the third quarter was the highest of the last 10 quarters, with a churn rate maintained at around 2 percent. Surf2Sawa recorded its highest quarterly gross and net adds, showing the continuous demand from the broader underserved market.
The company said it had 2,459,851 residential subscribers as of end-September. This consisted of 2,218,003 postpaid subscribers and 241,848 prepaid subscribers.
Enterprise revenue also grew 19 percent year-on-year to P4.5 billion from P3.8 billion. The growth trajectory reflects the continued expansion of its enterprise customer base, reaching over 60,000 customers as of Sept. 30.
Converge said small and medium enterprises continued to be the fastest-growing sub segment, with a 30-percent revenue growth.
The company allotted P7.5 billion for capital expenditures as of end-September 2024.
