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PASAY CITY, Philippines, Nov. 14, 2022 /PRNewswire/ -- 2GO Group, Inc. (2GO), the country's leading transportation and logistics service provider and a part of SM Investments Corporation's portfolio investments, delivered back-to-back profitable quarters with strong third quarter net income of Php166 million, a 52% increase over the second quarter.
Year to date September 2022, 2GO delivered net income of Php240 million, a 126% or Php1.2 billion swing from a net loss of Php939 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 Frederic C. DyBuncio, 2GO President and CEO.
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 interisland.
Logistics and other services revenue grew 28%, boosted by the growth in cold chain services, forwarding, and e-commerce fulfillment.
All in all, 2GO revenues grew 20% to Php14 billion during the first nine months of 2022.
ABOUT 2GO GROUP, INC.
2GO Group, Inc. is the Philippines' largest integrated transportation and logistics provider, at its core has five business units, namely, 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. Our company leverages on all our services to create unique supply chain solutions for our chosen target customers.
Backed by 148 years of expertise in transportation and logistics, 2GO has made a mark for providing the best travel experiences, efficient movement of products and cargoes, and for catalyzing business growth in domestic and international markets.