With Net Income of Nearly P2 Billion in Q1 2022, Converge ICT is Having a Great Year So Far
Listed broadband internet provider Converge ICT Solutions Inc. reported a net income of P1.97 billion in the first three months of 2022, up by almost a third from P1.55 billion during the same period last year.
During a media briefing, the company attributed the spike to the solid growth of its residential and enterprise businesses. Officials also reported that the company recorded a 40-percent surge in revenues to P7.75 billion from P5.55 billion last year.
Converge ended the first quarter of 2022 with about 1,802,202 residential subscribers, a 52.5 percent increase from March 2021, reflecting steady growth during the pandemic. Revenues from its residential vertical rose 42 percent to P6.81 billion from P4.80 billion, as it added about 188,000 new subscriber during the period.
Meanwhile, the company’s enterprise business grew 25 percent to P935 million from P750 million, as businesses of varying scale turned to Converge for their connectivity needs.
“We are seeing a solid growth of our financials in the first quarter of 2022 and we expect to hit our full-year targets as we remain aggressive in our network rollout and marketing activities both in the residential and enterprise segments,” Converge CEO and co-founder Dennis Anthony H. Uy said during the briefing.
The company remains optimistic about growth this year as it says it expects to continue to be a “necessity, and not a luxury.”
"The revival of the economy and the return of businesses—especially SMEs—has given our enterprise business a push in the first quarter of the year,” added said Converge president Maria Grace Y. Uy. “Moving forward, we hope to offer more value to SMEs as they continue to recover.”
In September 2021, both Denni Uy and his wife Maria Grace broke into Forbes' list of billionaires in the country. The couple has a shared wealth of about $2.8 billion.