Fiber broadband internet service provider Converge ICT Solutions Inc. saw a double-digit growth in its bottom line in the first half of 2022.
In a disclosure to the Philippine Stock Exchange on Thursday, Converge ICT said its net income during the January to June period stood at P3.95 billion, up 21.5% year-on-year.
The company attributed the growth to its continued roll out of high-speed broadband service to more cities and municipalities across the country and increased demand from businesses, particularly small and medium enterprises (SMEs).
“Even as we are feeling the pinch of rising commodity prices on consumer demand, we remain committed to making focused investments to reach unserved and underserved communities which are in dire need of reliable and quality internet connectivity,” said Converge CEO Dennis Anthony Uy.
The company said it installed nearly 650,000 new fiber-to-the-home (FTTH) ports during the second quarter of the year.
This allowed the Converge fiber network to reach more than 13.5 million homes as of end-June 2022, representing 52.1% household coverage, it said.
This puts the company on track to reach the company target of covering 55% of Philippine homes by 2023, it added.
Converge ICT chief operations officer Jesus Romero said that the recovery of the enterprise sector has also been contributing to the company’s sustained growth with revenues from Converge Business growing by 25.5% to nearly P2 billion in the second quarter compared to its year-ago level.
Revenues from residential customers, meanwhile, grew 37.9% to P14.1 billion from P10.2 billion year-on-year.
Business and residential revenues brought Converge ICT’s consolidated revenues to over P16 billion during the period, up 36.3% year-on-year.
For 2022, Converge ICT said it will deepen its reach in North Luzon, Visayas, and Mindanao, eyeing to open in more major cities by year-end. It already has presence in Cebu, Mandaue, Lapu-Lapu, Davao, and Cagayan de Oro, to name a few.
“We will continue to expand as we aim to serve the connectivity needs of our people which we hope will also help aid the country’s economic recovery amid the continued threat of COVID-19 and inflationary pressures due to the unstable external environment,” said Uy. — BM, GMA News
Converge ICT books P3.95 billion in H1, up 21.5%
Source: News Panda Philippines
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