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Manila Bulletin devider Business devider 2Go returns to profitability

2Go returns to profitability

Published Nov 10, 2022 06:13 pm

Transportation and logistics service provider 2GO Group Inc., a subsidiary of SM Investments Corporation, reported a 126 percent jump in net income to P240 million in the first nine months of the year.

In a disclosure to the Philippine Stock Exchange, the firm said its earnings were a turnaround from the net loss of P939 million incurred in the same period last year.

2Go also delivered back-to-back profitable quarters with strong third quarter net income of P166 million, a 52 percent increase over the second quarter of 2022.

Revenues grew 20 percent to P14 billion during the first nine months of 2022.

“The strong performance was driven by continued growth across major business lines with a focus on the quality of revenue and customers combined with efficiencies in operations and controlled costs,” 2Go said.

Shipping revenues rose 68 percent as freight grew 47 percent while travel went up by 259 percent. Shipping saw continued volume momentum in shipment of goods, while the passenger business continued to improve as Filipinos travel interisland.

Logistics and other services revenue grew 28 percent, boosted by the growth in cold chain services, forwarding, and e-commerce fulfilment.

2Go Group President Frederick Dybuncio

“The normalization of economic activity in the Philippines is fueling a demand for more transportation and logistics services to move goods and people across the country,” said 2Go President and CEO Frederick DyBuncio.

He added that, “We will continue working to provide customers with reliable end-to-end logistics solutions that enable businesses, communities, and the nation as a whole.”

The firm is the Philippines’ largest integrated transportation and logistics provider. At its core business units are 2GO Sea Solutions, 2GO Special Containers, 2GO Logistics, 2GO Express, and 2GO Distribution.

It offers multimodal transportation, warehousing and inventory management, distribution, special containers, and project logistics as well as e-commerce logistics, including last-mile deliveries, and express courier deliveries.

2GO also provides sea travel, and a wide range of peripheral logistics such as freight forwarding, import and export processing, and customs brokerage. The company leverages on all its services to create unique supply chain solutions for chosen target customers.

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Frederic DyBuncio 2GO Group Inc.
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