Converge posts 83.6% revenue growth in 1Q2021

Converge Information and Communications Technology Solutions, Inc. said its consolidated revenues grew by 83.6% to P5,547 million in the first quarter of 2021.

Converge also noted that it would reach almost 1,182,000 residential subscribers by the end of the quarter deploying almost 0.5 million new fiber-to-the-home ports in during the first quarter, almost twice the number of ports deployed during the same quarter the previous year. 

As of March 31, 2021, Converge’s nationwide network reached more than 7.1 million homes, on track to reach the company’s target to cover approximately 55% of households in the Philippines by 2025.

With strong and continued subscriber take-up, consolidated revenues grew by 83.6% from P3,021 million in 1Q2020 to P5,547 million in 1Q2021.

It said its revenues from its residential business more than doubled from P2,287 million in the first quarter of 2020 to P4,797 million in the same period of 2021, driven by a 92% growth in its subscriber base coupled with an 8% improvement in residential average revenue per user. 

Enterprise revenues also grew slightly by almost 2.2%, from P734 million to P749 million due to the impact of the pandemic on the various businesses in the country, which started in March 2020.

Residential subscribers grew to almost 1,182,000 as of March 31, 2021 up from the 615,466 in the same period last year. During 1Q2021, Converge reportedly captured 48% market share of fixed broadband net adds amongst the three largest broadband operators in the Philippines, representing an increase in fixed broadband market share from 19% in March 2020 to 27% in March 2021. 

Reflecting the high demand for fixed broadband connectivity services in the Philippines, Converge estimates that 95% of new subscribers in 1Q2021 were first time fixed broadband users. 

Driven by its commitment to help uplift the local economy especially during these unpredictable times, Converge has also launched a new SME plan Converge flexiBiz in March 2021. 

The flexiBiz allows Converge to grow its base of SME customers in 1Q2021, resulting in overall enterprise customer base increasing from 10,378 unique customers as of March 31, 2020 to 12,400 as of March 31, 2021.  

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