Converge ICT reports 18.4% net income growth in Q1

Converge ICT Solutions Inc. reported an 18.4 percent net income growth in the first quarter, reaching P3.02 billion, driven by strong demand from residential customers.

The company's total revenues increased by 13.2 percent to P10.8 billion during the same period.

Residential revenues rose 11.5 percent to P9.11 billion, serving a total of 2,701,336 subscribers as of March.

Enterprise revenues jumped 23.36 percent to P1.69 billion, with the wholesale segment up 54.0 percent.

Converge CEO Dennis Anthony H. Uy highlighted the company's authorization by Starlink to resell its services, aiming to transform business operations and empower industries.

Gross expenses increased by 11.93 percent to P6.57 billion.

EBITDA climbed 14.8 percent to P6.7 billion, with an EBITDA margin of 62.0 percent, attributed to prudent cost management and improved operating efficiency.

Outstanding borrowings declined to P28.3 billion, and net debt improved to P10.3 billion.