Dennis Anthony Uy’s Converge delivers solid profit and revenue growth
Dennis Anthony Uy’s Converge delivers solid profit and revenue growth
Converge's Dennis Anthony UyBilyonaryo Dennis Anthony Uy’s Converge Information and Communications Technology Solutions, the country’s pure-play high-speed fixed broadband operator, said net income stood strong in the nine months through September, rising 17.5 percent to P6.11 billion.
Consolidated revenues grew 30 percent to P24.48 billion in line with management’s revised full-year annual guidance of 25-30 percent. Revenues from the residential business jumped by 30.5 percent to P21.6 billion, driven by a 16 percent expansion in its subscriber base.
The enterprise business continued to accelerate, with revenues growing by 26.9 percent to P3,.12 billion on solid growth across all segments, such as small and medium enterprise, large enterprises, and wholesale.
Residential subscribers increased by 16 percent to 1.845 million as of the end of September. The company deployed 411,320 new fiber-to-the-home ports during the third quarter, bolstering Converge’s nationwide network reach to more than 14.3 million homes passed.
With more than 6.7 million fiber ports throughout the country, Converge has the largest fiber infrastructure network in the Philippines.
In line with the company’s mission to bring affordable high speed fiber broadband connectivity to the unserved and underserved in the country, Converge achieved a 53 percent nationwide household coverage, on track to reach Converge’s accelerated target to cover approximately 55 percent of households in the Philippines by 2023.
Return on invested capital remained high with 16.6 percent for the first nine months.
“Our high ROIC continues to be at industry-leading levels as a result of Converge’s disciplined approach in deploying capital to expand its fiber network and tracking key capital efficiency indicators such as our port utilization ratios,” the company said.
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