Converge ICT Solutions Inc. reported a 29 percent increase in net income for the first nine months of 2024, reaching ₱8.2 billion, up from ₱6.4 billion during the same period last year. The growth was driven by a surge in residential subscribers and strong demand across both its residential and enterprise segments.
The company’s consolidated revenue rose 14.1 percent year-on-year to ₱29.9 billion from ₱26.2 billion, reinforcing its position as the Philippines’ fastest-growing fixed broadband provider. Residential revenue grew by 13.2 percent, reaching ₱25.4 billion, largely fueled by the expansion in subscriber base. By the end of September, Converge had 2.46 million residential subscribers, with 2.22 million postpaid and 241,848 prepaid customers.
Notably, the company’s FiberX service saw its highest gross addition in the third quarter in the last decade, while the churn rate remained steady at around 2 percent. Converge’s Surf2Sawa plan also posted record quarterly growth, catering to the broader underserved market.
On the enterprise side, revenue climbed 19 percent to ₱4.5 billion, reflecting the expansion of its customer base, which now exceeds 60,000 clients. Small and medium enterprises (SMEs) were the standout sub-segment, with revenue growing by 30 percent, continuing a strong double-digit growth trend across all enterprise categories.
Capital expenditures for the period totaled ₱7.5 billion as the company continues to expand its network infrastructure.
Converge CEO, [CEO Name], attributed the positive results to the company’s ability to scale its services and meet the growing demand for reliable broadband in both residential and business markets.
