FIBER broadband and technology provider Converge ICT Solutions Inc. (Converge) on Tuesday reported P2.44 billion in net income for the first quarter, up 17.5 percent from P2.17 billion a year earlier.

Consolidated revenues rose to P9.54 billion, 10.40 percent up from P8.64 billion.

The gains were said to be due to sustained and robust demand for its fiber broadband products and enterprise solutions.

"This strong showing in the first quarter of 2024 puts us solidly on track to reach our revenue guidance for the year," Converge President and co-founder Maria Grace Uy said.

"We're confident we can sustain this steady growth for the rest of the year, especially as we lean into our mass market offerings," she said.

Converge said that it had recorded the highest quarterly net additions in subscribers in 10 quarters, with 124,793 added for nearly 2.3 million residential customers in total.

"We continue to see rising demand for our fiber products, both prepaid and postpaid," Converge CEO and co-founder Dennis Anthony Uy said.

"At the same time, we are not sitting still — we are diversifying our potential offerings to go beyond connectivity through cooperation with global tech companies," he added.

Converge's share price went up by P0.39 to close at P9.24 on Tuesday.