Converge Information and Communications Technology Solutions Inc., the Philippines’ leading pure-play high-speed fixed broadband operator, saw net profit last year rise 19 percent to P10.8 billion, a net income margin of 26.6 percent.
Consolidated revenue in 2024 climbed 15 percent to P40.6 billion, with residential customers accounting for P34.4 billion, up 14 percent. Enterprise clients added P6.2 billion to group revenue, up 22 percent.
Converge reported net additions in the fourth quarter of 103,607 residential customers, helping maintain an industry-leading return on invested capital of 18.3 percent last year. The company saw significant gains in its FiberX subscriber base, adding 196,419 new customers, a 58 percent increase from the previous year. Its new product offerings, including the BIDA Fiber and Surf2Sawa plans, also gained momentum, with 90,458 and 175,795 new subscribers, respectively.
In the enterprise segment, Converge saw double-digit gains on the back of robust ground of the SME subsegment, with revenue up 31 percent. The growth reflects Converge’s focus on enhancing broadband offerings for businesses while expanding into software-driven solutions.
The company’s earnings before interest, taxes, depreciation and amortization grew by 14 percent to P24.6 billion, maintaining a healthy EBITDA margin of 60.5 percent, underscoring its operational efficiency and disciplined capital deployment.
Converge also made strides in customer experience with the launch of Boost Mode in late 2024, offering an automatic speed boost for FiberX plans, and a new collaboration with Netflix to offer bundled internet and streaming services.
Total cash capital expenditures last year amounted to P9.3 billion, slightly lower than anticipated due to delays in turnover of turnkey projects.
Moving forward, Converge plans to continue its growth trajectory by expanding its portfolio of residential and enterprise solutions, including innovations like Fiber-to-the-Room (FTTR) technology in healthcare settings. This progressive mindset, coupled with strong financial results, positions Converge for continued leadership in the Philippine broadband market.
