Converge ICT Solutions Inc. on Monday reported a 22-percent growth in net income last year on the back of strong demand for its fiber Internet services.
The company said its net income amounted to P9.09 billion in 2023, up from P7.43 billion in 2022 as consolidated revenues rose 5 percent year-on-year to P35.4 billion.
Converge said it registered net additional residential subscribers of 284,000 for its fiber plans last year, the biggest fiber net adds in the industry during the period.
This was also 32 percent higher compared to its year-ago level. Converge said that in terms of consolidated net adds, it was the only major operator which registered positive growth at 13.4 percent year-on-year.
“In 2023, we have consistently upheld momentum for our newly-launched products Surf2Sawa [S2S] and BIDA Fiber, supported by the consistent growth in our flagship brand FiberX, especially in the fourth quarter,” said Converge co-founder and chief executive Dennis Anthony Uy.
The company said that in the fourth quarter, both prepaid fiber internet S2S and the low-cost postpaid plan BIDA Fiber registered record net subscriber additions, resulting in a total subscriber base of nearly 175,000 as of end-2023.
This exceeded the company’s target of 120,000 subscribers for the two new products.
The flagship FiberX brand sustained its strong growth with total subscribers now reaching 1.8 million. Converge said its FiberX customers enjoyed a promotional speed boost to 300 Mbps for the base plan of P1,500.
Converge said it also acquired nearly 80,000 net additional subscribers in the fourth quarter of 2023, representing 31.8 percent of its total full-year net adds.
“This year, we are looking to enhance the delivery of our full suite of fiber internet services by expanding our sales partner network and employing various strategies to reach our customers more effectively,” said Benjamin Azada, Converge executive vice president and chief commercial officer.
Converge said that by end-December 2023, it had more than 2.1 million subscribers, consisting of more than 2 million postpaid and over 114,000 prepaid subscribers.
“At Converge, we hold ourselves to a high standard when it comes to providing exceptional service. We always strive to stay ahead of the game by continuously innovating and presenting new solutions for the changing needs of customers. We want to ensure our customers can always depend on us for an unparalleled and amazing internet experience,” said Jesus Romero, Converge senior executive vice president and chief operations officer.