CONVERGE ICT Solutions Inc. said on Thursday its net income after tax grew to P3.95 billion in the first half of 2022 as it continued with its aggressive expansion plans.
Consolidated revenues rose 36.3 percent to P16 billion in the first half from P11.7 billion in the same comparable period, Converge said during a virtual briefing on Thursday.
“Even as we are feeling the pinch of rising commodity prices on consumer demand, we remain committed to making focused investments to reach unserved and underserved communities which are in dire need of reliable and quality internet connectivity,” Converge chief executive officer Dennis Anthony Uy.
Revenues from the residential business grew by 37.9 percent to P14 billion, while revenues from enterprises business in the first six months also grew by 25.5 percent due to the easing of restrictions and recovery from the Covid-19 pandemic.
As of the end of June, Converge recorded 1,817,115 residential subscribers, up 36.1 percent compared to the same month last year.
The pure fiber broadband provider said it also rolled out over 646,000 fiber ports during the second quarter which brought the total ports to 7.2 million.
Converge said it remains on track to meet its goal of covering 55 percent of households in 2023 or ahead of its initial goal of 2025.
Converge lowered its spending plan to P21 to P23 billion for the year from the initial P26 to P28 billion. “We will continue to expand as we aim to serve the connectivity needs of our people which we hope will also help aid the country’s economic recovery amid the continued threat of Covid-19 and inflationary pressures due to the unstable external environment,” Uy said.