Converge ICT Solutions Inc. (PSE: CNVRG), a leading provider of fiber broadband services in the Philippines, reported a robust performance in the first nine months of 2024, with net income rising 29% year-on-year to P8.2 billion and consolidated revenues growing 14% to P29.9 billion. This growth was fueled by strong demand across its residential, enterprise, and wholesale business segments.
The company added over 330,000 residential subscribers during this period, with more than 108,000 added in the third quarter alone, bringing Converge’s total subscriber base to 2.46 million. Residential revenues reached P25.4 billion, marking a 13.2% increase year-on-year.
“This steady growth is a testament to our commitment to making internet access affordable and inclusive,” said Converge CEO and Co-Founder Dennis Anthony Uy. He credited strategic partnerships and collaborations with the government as instrumental in bridging the digital divide and enhancing Converge’s service reach.
In addition to its residential growth, Converge saw a 19% increase in its enterprise segment, which generated P4.5 billion in revenue, driven by robust performance across all sectors, including a 16.6% rise in the wholesale segment.
Converge Chief Operations Officer Jesus Romero emphasized the company’s customer-centric approach: “We are focused on continuously improving satisfaction across our customer base, and we’re committed to finding innovative solutions to meet their needs.”
Supporting its growth strategy, Converge introduced several new products and enhancements, including a partnership with Netflix to offer Converge Netflix Bundles. The entry-level bundle, starting at P1,798 monthly, provides customers with a boosted FiberX plan paired with a Netflix subscription, bringing together high-speed internet and entertainment.
Converge also unveiled Sky+++, a smart TV solution designed for hotel and lodging providers, integrating high-definition IPTV and an in-room entertainment hub to improve guest experiences.
Further enhancing its core offerings, Converge has permanently boosted its FiberX plans’ minimum speeds. The FiberX 1500 plan now offers up to 300 Mbps, while the FiberX Plan 3500 delivers up to 1 Gbps—upgrades initially launched to celebrate Converge’s wins at the Ookla® Speedtest Awards.
“We’re optimistic about our growth trajectory,” said Converge President and Co-Founder Grace Y. Uy, noting the company is on track to meet its 2024 revenue guidance of 12-14%.
Converge continues to leverage its extensive network and innovative offerings to build on its market position and serve an expanding customer base with enhanced digital connectivity solutions.
