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Manila Bulletin devider Business devider The Stock Market devider Converge's 9-month profits up 4%

Converge's 9-month profits up 4%

Published Nov 10, 2023 09:59 am

Converge ICT Solutions Inc.'s net income rose by four percent to P6.4 billion from January to September this year from P6.1 billion last year, with a 24.9 percent net income margin. 

In a disclosure to the Philippine Stock Exchange (PSE), the telco's revenues amounted to P26.2 billion, a seven percent increase from P24.5 billion in the nine month period last year. 

Residential business revenues grew by 5.2 percent from P21.4 billion to P22.5 billion, which is 85.6 percent of the consolidated revenues of the first nine months of 2023.

Meanwhile, enterprise revenues soared by 21 percent to P3.8 billion this year from P3.1 billion last year, owing to double-digit growth in its enterprise segments with the small and medium enterprise (SME) segment growing nearly 38 percent. 

Net additional subscribers was at 170,925 in the first nine months, 78,623 of which came from the third quarter. 

The third quarter growth was attributed to the "growth momentum of Bida Fiber and Surf2Sawa and the resurgence of demand for FiberX." 

Total capital expenditures (capex) also amounted to P5.2 billion including 895,712 ports deployed by the end of September. 

Converge's earnings before income, tax, depreciation, and amortization (EBITDA) also observed a stable 4.9 percent growth to P15.1 billion in the nine months of 2023 compared to P14.4 billion last year. 

"Compared with nine months of 2022, network materials and supplies costs in the nine months of 2023 decreased by 88.5 percent. This is due to an improved capability to properly segregate costs of network materials and supplies according to usage," said the firm. 

"As such, network materials and supplies used in 9M2023 for last mile connections were deferred and amortized over the contract period with the subscriber," he added.  

In terms of return on invested capital (ROIC), the company also maintained it at 15.4 percent. The ROIC is expected to further improve as more ports are utilized and the firm applies a disciplined approach in deploying capital to expand its fiber network. 

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