Converge posts 18% profit growth in Q1, led by residential, enterprise segments

Converge CEO and Co-Founder Dennis Anthony Uy

MANILA, Philippines — Converge ICT Solutions Inc. registered an 18-percent net income growth in the first quarter because of stronger residential and enterprise businesses, along with higher fiber port utilization.

In a disclosure on Thursday, the listed fiber service provider reported that its bottom line during the first three months had risen to P3.02 billion from P2.55 billion a year ago.

This was supported by total revenues growing by 13 percent to P10.8 billion for the period.

Bulk of the top line was contributed by the residential segment, whose revenues climbed by 12 percent to P9.12 billion.

READ: Converge sets P25-billion capex to lure more customers

Enterprise revenues, meanwhile, improved by 23 percent to P1.69 billion.

Fiber port utilization stood at 34.4 percent as of end-March, higher than 26.9 percent from the previous year.

Converge said it has about 5.4 million fiber ports yet to be deployed, which it can use to further expand its presence.

READ: Converge 2024 net income reaches P10.8 billion