Converge ICT Solutions Inc. said Thursday net income grew 136 percent in the first nine months from a year ago, on the back of strong growth in residential and enterprise segments.
Converge ICT said net income reached P5.2 billion from January to September, up from P2.2 billion registered in the same period last year.
It said with strong and continued subscriber take-up, the consolidated revenues climbed 76.4 percent year-on-year to P18.8 billion as of end-September.
Revenues from the residential business jumped 94.6 percent year-on-year, almost doubling to P16.4 billion during the nine-month period.
Converge Business revenues grew 8.5 percent year-on-year to P2.5 billion, mostly from the small medium enterprise segment, continuing the reversal trend seen in the second quarter of 2021.
The company said that in the third quarter, it added nearly 280,000 subscribers, bringing its total residential subscriber count to almost 1.6 million, or 75 percent higher than in the same period last year.
Converge said it reached peak levels in port deployment of over 650,000 ports in the third quarter.
“We have completed our nationwide backbone, allowing us to expand into new areas in the Visayas and Mindanao, while continuing to go deep into underserved areas in Luzon. We have also augmented our sales force so that we can serve a broader number of our people with world-class fiber broadband connectivity,” said Converge chief executive Dennis Anthony Uy.
The company said that as of end-September, its nationwide network reached more than 9.6 million homes, allowing it to accelerate its target to cover about 55 percent of Filipino households to 2023, two years ahead of the original 2025 schedule which was announced during its initial public offering last year.
Converge also completed its P6-billion, 1,800-kilometer subsea cable project with final landing in Coron, Palawan, connecting the country’s major islands to its domestic fiber backbone.
Converge said its domestic fiber backbone reached 90,000 kilometers as of end-September, passing through some 440 cities and municipalities nationwide and introducing its broadband service to new markets including Iloilo, Cagayan and Cagayan de Oro.