Converge net income up 29 percent from Jan-Sept

Arthur Fuentes

Lady Vicencio

ABS-CBN News

MANILA (UPDATE) - Converge ICT said its net income after tax surged 29 percent in the first nine months of 2024.In a disclosure to the stock market, the fiber broadband company said it booked consolidated revenues of P29.9 billion in the January to September period, up 14.1 percent from the same period last year.Residential revenues grew to P25.4 billion, up 13.2 percent annually, while enterprise revenues reached P4.5 billion, higher by 19 percent, the company said.Converge said both its residential and business subscribers also increased during the period. In the third quarter alone, the company added 108,048 new residential subscribers or a total of 331,799 for the first three quarters.<div><iframe width="640" height="360" src="https://www.youtube.com/embed/ajgE9jpTn8s?&amp;wmode=opaque&amp;rel=0" frameBorder="0" allowfullscreen="" class="fr-draggable"></iframe> </div>The company said it had 2,459,851 residential subscribers, with 2,218,003 postpaid subscribers and 241,848 prepaid subscribers.Converge CEO Dennis Anthony Uy said he is also unfazed with the rise of satellite technology for internet service citing there is no competition between the technology and fiber.“We’re so many islands. A lot of islands is not reachable by fiber. Some islands, satellite is the best. In terms of capacity, fiber has a lot bigger capacity than satellites… Satellite is better than nothing,” Uy said.Uy said he remains bullish on the company’s growth for the coming year as it aims provide reliable internet access to more underserved Filipinos.“So many underserved. We just need to make sure we can serve the 60 percent,” Uy said.Converge said it maintained its industry-leading Return on Invested Capital at 18 percent from 17.3 percent last quarter. Capital expenditures stood at P7.5 billion as of end-September, the company said. It is also expected to spend P11-13 billion in capital expenditure which is less than the P17.5 billion set for 2024. Converge said the difference in capex will be delayed to next year as it continues to upgrade infrastructure and innovate its fiber connectivity and offerings.The company said it is maintaining dividend payment ratio for all outstanding common shares of the Company of approximately 25 percent to 30 percent of its net income based on the latest audited net income.The company said it is maintaining dividend payment ratio for all outstanding common shares of the Company of approximately 25 percent to 30 percent of its net income based on the latest audited net income.

In a disclosure to the stock market, the fiber broadband company said it booked consolidated revenues of P29.9 billion in the January to September period, up 14.1 percent from the same period last year.

In a disclosure to the stock market, the fiber broadband company said it booked consolidated revenues of P29.9 billion in the January to September period, up 14.1 percent from the same period last year.

Converge net income up 29 percent from Jan-Sept | ABS-CBN

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Converge net income up 29 percent from Jan-Sept

Converge net income up 29 percent from Jan-Sept

Arthur Fuentes,

Lady Vicencio,

ABS-CBN News

Published Nov 13, 2024 03:11 PM PHT

|

Updated Nov 13, 2024 05:13 PM PHT

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