Converge gains 188k subscribers, P7.7-B revenue in Q1 2022

Converge gains 188k subscribers, P7.7-B revenue in Q1 2022

Converge ICT Solutions has announced that it gained 188,000 new customers in the first quarter of 2022 (15 percent up from the last quarter in 2021). The telco's number of subscribers has now reached 1.8 million (53 percent higher than a year ago).

Moreover, Converge also generated PHP 7.75 billion in net revenues in Q1 2022, while their core net income increased to nearly PHP 2.0 billion representing a core net income margin of 25.4 percent.

The Enterprise business recorded revenues of PHP 935.5 million in Q1 2022, 25 percent up from PHP 749.7 million in Q1 2021.

Twenty percent of the total was contributed by SMEs (small and medium enterprises), which grew by 118 percent year over year. Converge's SME subscriber base hit 25,810 as of March 21, 2022, an increase of 200 percent.

As of the first quarter of 2022, 47 percent of Filipino households are covered by Converge, totaling 12.2 million residences.

Additionally, as of March 2022, they have reached 6.5 million fiber-to-the-home (FTTH) ports, which is 1 million more than their December 2021 total of 5.5 million.

The telco aims to reach the target of 7.5 million to 8 million ports by 2023.

Source: Converge ICT

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