Technology

Aggressive fiber rollouts buoy Converge revenues to P10.7B

Surging demand for connectivity amid the pandemic has pushed up revenues of bilyonaryo Dennis Anthony Uy’s Converge Information and Communications Technology Solutions Inc. by 67% in the nine months to September.

In a statement, Converge said consolidated revenues jumped to P10.68 billion, driven by the aggressive deployment of fiber to the home (FTTH) ports across the country and a growing subscriber base.

For the third quarter, revenues surged by 71% to P4.19 billion, driven by home broadband, which saw revenues soared by 90% to P8.41 billion as the number of its promos.

The only pure-play high-speed fixed broadband operator rolled out 490,00 new FTTH ports during the period, more than double the number of ports deployed in the first quarter.

Meanwhile, the enterprises business generated P2.64 billion in revenues, up 15% year on year.

Converge said it is on track to achieve its mid-term target of reaching approximately 55% of total households in the Philippines.

It is also set to complete its backbone expansion to the Visayas and Mindanao by the first half of 2021.

As of the end of September, Converge had 3 million ports, passing 5.1 million homes, which account for 36% of households in Luzon and 21% of households nationwide.

The number of residential subscribers again doubled in the past 12 months to 900,531.

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