Telecommunications provider Converge ICT Solutions reported an increased revenue throughout the first half of 2023, underscored by a soaring income stream from the enterprise and residential segments.

The report claims an 8.5 percent growth in its net income to Php4.3 billion. Otherwise, a rise in revenue to Php17.4 billion, which is an 8.1 percent increase year-on-year.

Coinciding with the surge in earnings is the addition of more subscribers as the overall number of residential customers reached 92,000 during H1 2023, displaying a 5 percent growth from the same period in 2022.

As of June 2023, Converge has 1,969,663 total subscribers, consistent with 54,161 prepaid and 1,915,502 postpaid subscribers. Meanwhile, its overall enterprise subscribers have reached 42,797.

Profits from the enterprise segment also saw tremendous growth as income for both small and medium enterprises rise to 41.5 percent while the wholesale segment shoots by 28.6 percent.

Taking up the biggest chunk of the sub-segment, revenues generated from large enterprise customers also showed growth of 18.5 percent.

There also appears to be something big in store next year as Converge pools a large sum of Php15 billion to Php17 billion as capital expenditure, showing a Php10 billion budget higher than this year’s capex.

Particularly, expenses targeted towards improvement to the Asia Pacific and Trans-Pacific Cable System as well as the fiber backbone and other essential infrastructure.

Leave a comment

Your email address will not be published.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