2GO Group, Inc. (2GO), the country’s leading transportation and logistics company and a subsidiary of SM Investments Corporation, posted turnaround last year with profits of P312 million from a net loss of P1.1 billion in 2021.
In a disclosure to the Philippine Stock Exchange the firm said revenues grew 25 percent to P19.3 billion last year from P15.4 billion in 2021 as the company benefitted from the country’s economic reopening and complete lifting of movement restrictions.
Shipping revenues rose 67 percent, as revenues in its passenger Travel business grew 217 percent, complemented by an increase in Sea freight revenues of 48 percent.
Improving market conditions aided volume momentum in shipment of goods, while the holiday season boosted passenger numbers.
Logistics and other services revenue grew 30 percent, led by the growth in cold chain services, forwarding, ecommerce fulfillment and its international courier business.
“Our 2022 growth was the result of high demand for our services with the opening up of the economy while our increased profitability was also driven by the structural changes and financial discipline we have put in place,” SMIC and 2GO President and CEO Frederic C. DyBuncio said.
He added that, “These changes are fully ingrained in all parts of the business and will benefit us in the long term. We are optimistic about ongoing momentum in 2023.”
“Additionally, we continued to make bold investments as opportunities arose during the pandemic. Our aim remains to be the best-in-class logistics and transportation provider in the Philippines,” he noted.
2GO 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.
It also provides sea travel, and a wide range of peripheral logistics such as freight forwarding, import and export processing, and customs brokerage.