MANILA — Fiber broadband operator Converge ICT said its net income after tax climbed 18.3 percent to P3 billion in the first quarter of 2025, from P2.6 billion in the same period last year. 

The company said consolidated revenues jumped by 13.2 percent to P10.8 billion. Revenues from its residential business grew by 11.5 percent to P9.1 billion, with 2,701,336 subscribers by the end of March 2025. 

Revenues from its enterprise arm reached P1.7 billion, up 22.9 percent year-on-year, as revenues from the wholesale subsegment jumped 54 percent. 

The firm said capital expenditures reached P2.6 billion in the first quarter, as it deployed more than 35,000 fiber ports and installed more than 60 km of fiber backbone. 

Converge also said its debt is now down to P28.3 billion, from P29.5 billion at the end of last year. 

“During the first three months of the year, we started strong with double digit top line growth in both our operating segments and even healthier consolidated profitability margins,” said Converge President and co-founder Grace Uy. 

Converge is set to fire up its Caloocan data center this month, while the Pampanga data center may be fired up in the last quarter of the year. The company is also rolling out its Starlink partnership to far-flung areas catering mostly to businesses and government.

“We are excited to roll out the satellite connectivity solution to the industry in the remote areas in need of the reliable connectivity such as construction, mining, agriculture, retail, and hospitality,” said Converge CEO and Co-Founder Dennis Anthony Uy. 

For its P20-25 billion budget this year, officials said it will be internally funded saying they have a healthy balance sheet. But they’re not closing its doots to tap the debt market if needed. 

Converge targets 4 million subscribers by 2027. The company ended 2024 with P10.8 billion in net income after tax.

Converge net income up 18.8 pct in 2024