Converge just announced that they added 188,000 new subscribers in the first quarter of 2022 (15% up from the 163,000 subscribers they got in Q4 of 2021). Their total subscriber count is now at 1.8 million (53% higher than a year ago).
In the same period, they also got Php7.75 billion in net revenues while their core net income grew to almost Php2.0 billion representing a core net income margin of 25.4%.
Revenues for the Enterprise business amounted to Php 935.5 million in Q1 2022, 25% higher versus Php 749.7 million in Q1 2021. SMEs contributed 20% to the total, and by itself grew by 118% year on year. SME subscribers of Converge reached 25,810 as of March 21, 2022 – a growth of 200%.
Nationwide household coverage as of Q1 2022 is at 47% with 12.2 million Filipino homes are serviceable by Converge. They have also reached 6.5 million ports as of March 2022 which is 1 million more than their 5.5M numbers in December 2021.
Source: Yugatech
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