MANILA, PHILIPPINES —2GO Group, Inc. (2GO), the country’s leading transportation and logistics service provider and a subsidiary of SM Investments Corporation, delivered back-to-back profitable quarters with strong third-quarter net income of PHP 166 million, a 52% increase over the second quarter.
Year to date September 2022, 2GO delivered net income of PHP 240 million, a 126% or PHP 1.2 billion swing from a net loss of PHP 939 million in the same period last year.
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.
“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. We will continue working to provide customers with reliable end-to-end logistics solutions that enable businesses, communities, and the nation as a whole,” said 2GO President and CEO Frederic C. DyBuncio.
Shipping revenues rose 68% as freight grew 47% while travel grew 259%. Shipping saw continued volume momentum in shipment of goods, while the passenger business continued to improve as Filipinos travel inter-island.
Logistics and other services revenue grew 28%, boosted by the growth in cold chain services, forwarding, and ecommerce fulfillment.
All in all, 2GO revenues grew 20% to PHP 14 billion during the first nine months of 2022.
