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Converge income rises 17% on stronger residential business

CONVERGE ICT Solutions, Inc. saw its attributable net income expand by 17% to P2.55 billion for the first quarter on increased revenues driven by growth in the company’s residential segments. 

“We have come to the close of the first quarter of 2024, and we have achieved gains on many fronts. This year, we are working to invest in new technologies that would take us beyond connectivity,” Converge Chief Executive Officer Dennis Anthony H. Uy said during an online briefing on Tuesday.

The company’s attributable net income rose 7.5% to P2.55 billion from P2.17 billion in the same period last year.

The company’s combined revenues went up by 10.4% to P9.54 billion from P8.64 billion in the corresponding period a year ago. 

As of end-March, the telco company’s total subscribers reached 2.25 million, of which 2.09 million are postpaid customers while the remainder are prepaid subscribers at 160,948. 

Residential business went up to P8.2 billion compared with the same period last year, while earnings from its enterprise business climbed by 10.5% to P1.4 billion from P1.2 billion last year.

Converge’s total expenses inched up by 15.6% to P5.87 billion from P5.08 billion a year ago. 

In May, Converge signed a memorandum of understanding with South Korea’s NAVER Cloud Corp. to explore opportunities in the country’s cloud market. 

Under this partnership, the two parties will collaborate to establish cloud solutions in the Philippines while also exploring and localizing sovereign artificial intelligence.

“Our continuous leap to digital calls for advanced solutions that would support a technology-enabled lifestyle in a robust digital environment. We look forward to working with NAVER Cloud to discover ways how we can empower more customers through cutting-edge cloud technologies,” Mr. Uy said. 

For 2024, Converge said it is allocating between P17 billion and P19 billion for the company’s capital expenditure mainly allocated for international subsea cable payments and capital outlays for data centers 

At the local bourse on Tuesday, shares in the company closed 34 centavos higher or 3.84% at P9.19 apiece. — Ashley Erika O. Jose

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