Converge ICT reports 29% net income growth in Q3

Converge ICT reported a 29 percent surge in net income and a 14 percent increase in consolidated revenues to PHP29.9 billion for the first nine months of 2024, driven by growth across residential, enterprise, and wholesale segments.

Residential revenues grew by 16% to PHP8.81 billion in Q3, with Converge adding over 330,000 new subscribers during this period, including more than 108,000 in the third quarter alone.

Enterprise revenues increased by 25 percent to PHP1.61 billion in Q3, reflecting double-digit growth across all segments, while wholesale business also saw significant gains.

Converge CEO Dennis Anthony Uy expressed optimism about future prospects and highlighted partnerships with tech companies and government initiatives aimed at bridging the digital divide.

The company announced new offerings such as Converge Netflix Bundles starting from PHP1,798 per month, offering a boosted FiberX plan with specific Netflix subscription tiers, and permanently increasing minimum speeds for all FiberX subscribers.