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2GO Group booked a net income of P109 million in the second quarter of 2022, a reversal from last year’s net loss
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The rebound was driven by increased activity across major business lines, boosted by shipping and passenger volumes as the economy opened up
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Shipping revenue jumped 67% while logistics and other services revenue grew 22%
2GO Group, Inc. rebounded with a net profit of P109 million in the second quarter of 2022, from net loss a year ago, driven by strong performance from all its divisions.
The positive performance was driven by increased activity across major business lines during the quarter, boosted by shipping and passenger volumes as the economy opened up, 2GO said in a statement.
Shipping revenues rose 67% as sea freight revenue grew 54% and passenger travel revenue soared 155%.
2GO reported increased volumes of goods shipped to the Visayas and Mindanao in particular, while passenger numbers also rose significantly as movement restrictions were lifted.
Revenue from logistics and other services gained 22%, boosted by growth in cold chain services, forwarding and e-commerce fulfillment.
In aggregate, 2GO delivered P8.7 billion in revenues and P74 million in net income for the first six months of 2022.
“Increased economic activity and demand for transportation nationwide helped drive our financial turnaround. Our focus on customer experience and serving high-growth sectors ensures that 2GO is leading in logistics sector growth,” 2GO president and chief executive officer Frederic C. DyBuncio said.
“We are encouraged by easing mobility restrictions that have boosted local tourism as well. We are optimistic that this momentum carries on in the second half of the year,” he added.
In addition, 2GO benefited from operational efficiencies and higher service levels due to recent investments in information technology and systems and two state-of-the-art roll-on/roll-off passenger ships – MV 2GO Maligaya and MV 2GO Masagana.
More fuel-efficient ships and vehicle routing systems helped offset the effects of higher fuel costs, among other initiatives, 2GO said.
“Our drive for efficiency, combined with our unique advantages in speed of delivery, reliability and end-to-end transportation solutions, enables 2GO to lead in the development of nationwide logistics and help drive economic recovery,” DyBuncio said.
2GO, a subsidiary of SM Investments Corp., provides integrated transportation and logistics services with five business units, namely, 2GO Sea Solutions, 2GO Special Containers, 2GO Logistics, 2GO Express, and 2GO Distribution.
