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 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.
