NextGen Day

CEBU CITY, PHILIPPINES – Converge ICT Solutions, a fiber internet provider, more than doubled its net income in 2021, owing to its aggressive penetration of Visayas and Mindanao homes.

The company stated during a financial briefing with the press that net income increased to PHP7.2 billion in 2021 from PHP3.4 billion the previous year, while consolidated revenues increased from PHP15.7 billion to PHP26.5 billion.

Converge ICT CEO and founder Dennis Anthony Uy said the company’s expansion into Visayas and Mindanao, as well as continued subscriber turn-in in Luzon, boosted residential business revenues by 83.2 percent.

“Our network has now reached 10.9 million homes, accounting for approximately 42.5 percent of all households in the Philippines. We are confident in our ability to meet our accelerated target of reaching 55% of all households by 2023,” Uy said.

Maria Grace Uy, the company’s president, and co-founder, stated that the fourth-quarter deployment of over 650,000 ports increased the company’s total port deployment to 2.4 million by 2021, bringing the company’s total residential subscriber count to 1.7 million by year’s end.

“In 2021, we maintained our industry-leading trifecta with another record financial performance,” she said, referring to the company’s 69.2 percent year-on-year revenue growth and 20.9 percent return on invested capital (ROIC) that outperformed the average of Asia-Pacific broadband players.

Uy added that the company maintained a strong credit profile, as evidenced by the company’s upcoming maiden bond issue receiving a AAA credit rating with a Stable Outlook from the Philippine Rating Service (PRS).

The proceeds from the bond offering will be used to partially fund the company’s capital expenditure requirements for this year.

Converge ICT also announced during the briefing that it has allocated an additional PHP26 billion to PHP28 billion in capital expenditures this year, the majority of which will be used to expand its access network nationwide and further extend its fiber backbone.

It invested PHP25 billion in capital expenditures (capex) last year, with a fiber backbone spanning 103,000 kilometers and passing through 495 cities and municipalities throughout the country.

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