Expanded subscriber base drives Converge
Converge said residential business, which took up 85.6 percent of the total topline, inched up by 5.2 percent to P22.5 billion from P21.4 billion
Converge said residential business, which took up 85.6 percent of the total topline, inched up by 5.2 percent to P22.5 billion from P21.4 billion
Fiber Internet service provider Converge ICT Solutions Inc. reported a 4.3 percent net income growth in the first nine months of the year to P6.4 billion from P6.1 billion last year on the back of a stronger subscriber uptake.
In a stock exchange disclosure on Friday, the company reported that its revenues from January to September also grew by 7.2 percent to P26.6 billion from P24.5 billion last year, owing to the boost in its residential and enterprise businesses.
Converge said residential business, which took up 85.6 percent of the total topline, inched up by 5.2 percent to P22.5 billion from P21.4 billion.
Likewise, enterprise revenues increased by 21.1 percent during the period to P3.8 billion from P3.1 billion driven by the double-digit growths across all enterprise segments with the small and medium enterprise segment growing as much as 37.9 percent from the same period last year.
According to Converge, EBITDA consistently grew at 4.9 percent to P15.1 billion in the first three quarters of the year from last year's P14.4 billion. With this, consolidated EBITDA margin stood at 57.7 percent during the reference period.
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Users continue to grow
As of the end of September, Converge already has 1,966,105 postpaid subscribers and 82,181 prepaid subscribers.
Net additional subscribers reached 170,925 in the first nine months, 78,623 of which came from the third quarter alone.
Of these, FiberX added 35,214 new customers in the third quarter, while Surf2Sawa added 28,020. Bida Fiber, which launched just one month ago, added 23,895 new customers.
Bida Fiber and Surf2Sawa collectively aim to reach 17 million unserved households in the country, which accounts for over 77 percent of the overall fixed broadband market.
Despite the lower average revenue per unit for the two low-cost products, Converge still expects the payback periods for both to be well below one year and relatively close to FiberX's.
