Converge Q1 profit rises 18.4% to P3.02 billion – BusinessWorld Online
LISTED fiber internet service provider Converge ICT Solutions, Inc.’s first-quarter (Q1) attributable net income rose 18.43% to P3.02 billion, driven by residential business growth.
For the January-to-March period, Converge’s total revenues reached P10.8 billion, up 13.21% from P9.54 billion in the same period last year.
Broken down, residential revenues increased 11.51% to P9.11 billion from P8.17 billion, representing the majority of the company’s total revenues for the quarter, while enterprise revenues rose 23.36% to P1.69 billion from P1.37 billion in 2024.
Converge attributed its revenue growth to the increase in residential subscribers and continued expansion of its enterprise customer base.
For the first quarter, the company booked gross expenses of P6.57 billion, an 11.93% increase from P5.87 billion previously.
“We’re among the few in the Philippines authorized by Starlink to resell its services — an acknowledgment of our deep market expertise and commitment to meeting the evolving needs of both enterprise and government clients. More importantly, this is about transforming the way businesses operate. We’re bringing solutions that empower industries to scale and innovate, even in the most remote areas,” Converge Chief Executive Officer Dennis Anthony H. Uy said.
In March, Converge announced its partnership with Starlink to extend broadband access to remote areas, strengthening enterprise connectivity nationwide.
At the local bourse on Thursday, shares in the company closed 48 centavos, or 2.59% higher, at P19 apiece. — Ashley Erika O. Jose
