Fiber boost backs Converge growth

Fiber boost backs Converge growth | Daily Tribune

Fiber internet service provider Converge ICT Solutions Inc. aims to further enhance its fiber internet services this year to sustain the robust growth it achieved last year.

“This year, we are looking to enhance the delivery of our full suite of fiber internet services by expanding our sales partner network and employing various strategies to reach our customers more effectively,” Converge EVP and chief commercial officer Benjamin Azada said at a press briefing on Monday.

Converge reported that its net income surged to P9 billion in 2023, representing a 22 percent surge from the previous year due to strong demand for its fiber internet services.

Meanwhile, consolidated revenues last year hit P35.4 billion, up by five percent year-on-year.

Last year, Converge led the industry in fiber net adds after it registered 284,000 new residential subscribers for its fiber plans — representing a significant increase of 32 percent compared to the previous year.

Notably, Converge stood out as the only major operator to achieve positive consolidated net adds year-over-year, with a robust growth rate of 13.4 percent.

“In 2023, we have consistently upheld momentum for our newly launched products Surf2Sawa (S2S) and BIDA Fiber, supported by the consistent growth in our flagship brand FiberX, especially in the fourth quarter,” Converge CEO and co-founder Dennis Anthony Uy said.

Converge’s flagship brand, FiberX, maintained its impressive growth trajectory, reaching a significant milestone of 1.8 million total subscribers.

High speed, low charges

Converge offered a promotional speed boost to 300Mbps for the base plan of P1,500, exclusively for FiberX subscribers as a way to express gratitude to their loyal customers.

It noted that the strategic move was well-received by customers and that it resulted in the acquisition of nearly 80,000 net additional subscribers during the last quarter of 2023. This represented 31.8 percent of Converge’s total full-year net adds.

As of the end of 2023, Converge had captured more than 2.1 million subscribers, consisting of more than two million postpaid and over 114,000 prepaid subscribers.