Broadband operator Converge ICT Solutions raked Php3.39 billion net income for fiscal year 2020, a 78-percent year-on-year increase from the Php1.9 billion net income in 2019.
Converge attributes the net income growth, as well as its revenue increase (from Php9.1 billion 2019 to Php15.652 billion in 2020), to its expansion of its residential user base.
From 530,000 subscribers in 2019, Converge doubled its residential subscribers to 1,038,000 the following year. The company plans to reach at least 1.6 million subscribers in 2021.
The company’s business customers, on the other hand, barely grew with only a net addition of 1,007 customers in 2020.
Converge also reported progress over its infrastructure rollout. For the year 2020, the company managed to add at least 28,300 kilometers of fiber optic cables.
Converge also started covering 167 cities and municipalities at the start of said year, with 149 more cities and municipalities covered by year-end.