2GO posts turnaround profit of P312 million in 2022

2GO posts turnaround profit of P312 million in 2022
MV 2GO Maligaya. Photo courtesy of 2GO Group, Inc.
  • 2GO Group posted turnaround profits of P312 million in 2022
  • Group revenues increased 25% during the post-pandemic and amid loosening of COVID-19 restrictions
  • Shipping revenues jumped 67% as passenger travel rose to 217%
  • Sea freight revenue increased 48%, while logistics and other services revenue grew 30%

2GO Group, Inc. posted turnaround profits of P312 million on the back of P19.3 billion in revenues in 2022.

Group revenues grew 25% as the company benefitted from the country’s economic reopening and complete lifting of movement restrictions, 2GO said in a regulatory disclosure.

Shipping revenues jumped 67%, as revenues in its passenger travel business grew 217% last year.

Sea freight revenues also improved by 48%. The company said 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,” 2GO President and CEO Frederic C. Dybuncio 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.”

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