Connect with us

Hi, what are you looking for?


Converge income jumps to nearly P2B; targets to grow subscriber base to 1.7M

CONVERGE ICT Solutions, Inc.’s attributable net income for the first three months of the year nearly tripled to P1.55 billion from P573.60 million in the same period last year, owing primarily to an increase in subscribers as the pandemic crisis continues.

Total revenues, which include contributions from residential and enterprise, increased 83.2% to P5.55 billion in the first quarter from P3.03 billion in the same period in 2020, the company said in a disclosure to the stock exchange on Monday.

Broken down, revenue from the residential business more than doubled to P4.80 billion from P2.29 billion, while the enterprise segment saw a slight increase of 2.2% to P750 million from P734 million previously.

Converge said its residential subscribers increased to almost 1.2 million as of March 31 this year from 615,466 as of March 31, 2020.

“Converge captured 48% market share of fixed broadband net adds amongst the three largest broadband operators in the Philippines, representing an increase in fixed broadband market share from 19% in March 2020 to 27% in March 2021,” the listed fiber internet provider said.

The company also said around 95% of its new subscribers in the first quarter of the year were first-time fixed broadband users.

At an online briefing on Monday, Converge Chief Financial Office Advisor Matthias Vukovich said: “We are looking to grow our subscriber base to… 1.7 million at the end of the year.”

“We are very much on track to reach that goal,” he added.

Converge ICT shares closed 1.51% higher at P18.78 apiece on Monday. — Arjay L. Balinbin

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!



It brings you to nature’s embrace. This picturesque 100-hectare Swiss-inspired luxury community in Tagaytay City, after all, does not only regale you with breathtaking...


A rare Mercedes-Benz racing car known as the Mona Lisa of cars has been sold by the company for a record £115 million. The...


New research has revealed that only one in four civil servants believe their department is following the Government’s National Data Strategy, with skills and...


Australian mining and logistics firms are interested in doing business in the Philippines according to Australian ambassador Steven J. Robinson, who cited policy reforms...


As Sunday Times Rich List shows record number of UK billionaires, their gains should be taxed the same as income from work Huge increases...


A battle is shaping up between major retailers over whether the UK should introduce an online sales tax, with Sainsbury’s demanding it to help...

You May Also Like


Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...


Ivermectin, an existing drug against parasites including head lice, has had a checkered history when it comes to treating COVID-19. The bulk of studies...


Insomnia is the most common sleep disorder in the global population. Therefore, it is a problem that many people suffer or have suffered throughout...


As a traditionally rigid insurance industry becomes bogged down by antiquated processes and operations, a handful of industry leaders are seeking to shake things...

Disclaimer:, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.