Converge ICT got an increase in revenue by 3.9 percent, with a reported net income of Php7.44 billion in 2022. The upward trajectory was in line with the firm’s aggressive expansion southwards, in the major islands of Visayas and Mindanao.
Credited for strong growth in the residential business segment, which itself grew by 27.4 percent to Php29.46 billion, the company’s overall revenue skyrocketed by 27.3 percent to Php33.7 billion. Additionally, its subscriber base showed an increase of 11 percent.
Likewise, Converge’s success in the enterprise market is rising, with the company’s profit from this sector has surged by 26.4 percent to a Php4.2 billion income, largely influenced by small-and-medium enterprises (SMEs) as well as wholesalers.
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The enterprise’s expansion effort has so far resulted in approximately 7.9 million new and disseminated fiber-to-the-home ports, as of the end of December last year.
As of writing, Converge ICT’s nationwide network covers 56.2 percent of the country’s entire household coverage, or equivalent to 14.9 million homes. The outcome surpassed what the company expected as a supposed 2023 result and at a slightly lower percentage at 55 percent. With that number, it makes Converge’s FTTH Network the most expansive by the number of ports.
Looking to bolster its position in the market further, Converge ICT is poised to introduce lower-cost products, such as prepaid fiber, towards reaching the lower income bracket.