The attributable net profits of CONVERGE ICT Solutions, Inc. nearly tripled to P1.55 billion in the first three months of the year from P573.60 million in the same timeframe last year, owing mainly to a rise in subscribers as the pandemic crisis persists.
Total sales, which involve contributions from residential and enterprise customers, rose 83.2 percent to P5.55 billion in the first quarter of 2020, the group said in a stock exchange filing on Monday.
Residential sales more than doubled to P4.80 billion from P2.29 billion, while enterprise revenue increased slightly by 2.2 percent to P750 million from P734 million previously.
Converge reported that its residential subscription base rose to almost 1.2 million as of March 31 this year, up from 615,466 at the end of 2020.
“Among the three largest broadband providers in the Philippines, Converge grabbed a 48 percent market share of fixed broadband net additions, raising its fixed broadband market share from 19 percent in March 2020 to 27 percent in March 2021,” the reported fiber internet provider said.
Additionally, the organization stated that about 95% of its net customers in the first quarter were first-time fixed broadband consumers.
Converge Chief Financial Officer Advisor Matthias Vukovich said during an online briefing on Monday, “We are planning to expand our subscriber base to… 1.7 million by the end of the year.”
“We are really close to achieving the goal,” he said.