The fiber giant, founded and led by broadband tycoons Dennis Anthony Uy and Maria Grace Uy, doubled home subscribers while its enterprise revenues also achieved significant growth as it rolled out products for smaller businesses.
Total revenues expanded 12.4 percent to P19.5 billion, while overall subscribers increased by 19.4 percent to 2.35 million, the company said in a stock exchange filing.
Management’s view
“Our industry-leading performance in the first half of the year is a promising sign that 2024 will be another banner year for us,” said Maria Grace Uy, Converge co-founder and president.
“We see the demand for fiber broadband to remain unhampered, allowing us to continue reaching more and more Filipinos across different income levels with our flagship FiberX, low-cost postpaid BIDA Fiber, and prepaid Surf2Sawa offerings,” she added.
SkyCable strategic partner to drive growth
“With our recent commercial arrangement with Sky Cable Corp., we see these numbers as just the starting point,” co-founder and CEO Dennis Uy said.
“We expect the collaboration to bear fruit in terms of revenue growth, as we are bound to see increased port utilization and further monetize our network,” he added.
How the market is reacting?
Positive growth figures lifted Converge’s share price by nearly 2 percent to P12.34 per share.
Optimism over the company’s performance contributed to a 47 percent upswing since the start of 2024.
Robust home broadband demand
According to Converge, net additional home subscribers soared 142 percent to 223,751 during the first half versus the same period last year.
This pushed up residential revenues by 11.8 percent to P16.6 billion.
Enterprise also registers gains
The company’s enterprise segment revenue expanded by 16 percent to P2.9 billion.
Converge said this was due to the rollout of products targeting the micro, small, and medium enterprise (MSME) sector and the expansion of regional enterprise sales.
Aside from SkyCable, Converge also partnered with US-based tech giant Super Micro Computer Inc. to launch AI-driven, eco-friendly data centers in the Philippines.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
