(22 February 2023. Pasay, Philippines) 2GO Group, Inc. (2GO), the country’s leading transportation and logistics company and a subsidiary of SM Investments Corporation, posted turnaround profits of PHP312 million on the back of PHP19.3 billion in revenues. Group revenues grew 25% as the company benefitted from the country’s economic reopening and complete lifting of movement restrictions.
Shipping revenues rose 67%, as revenues in its passenger Travel business grew 217%, complemented by an increase in Sea freight revenues of 48%. Improving market conditions aided volume momentum in shipment of goods, while the holiday season boosted passenger numbers.
Logistics and other services revenue grew 30%, 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. 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,” Frederic C. DyBuncio, 2GO President and CEO, said.
“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 added.