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Transport and logistics service provider 2GO Group Inc. generated net income of P240 million in the first nine months of 2022, a 126% swing from net loss of P939 million a year ago
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Steady growth across major business lines with a focus on revenue and customer quality, combined with operational efficiencies and controlled costs, propelled the strong performance
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Revenue for the first nine months grew 20% year-on-year to P14 billion
2GO Group Inc generated a net income of P240 million in the first nine months of 2022, a 126% swing from net loss of P939 million in the same period last year.
For the third quarter alone, net income rose 52% year-on-year to P166 million, 2GO said in a statement.
The group said its strong performance was driven by steady growth across major business lines with a focus on the quality of revenue and customers, combined with operational efficiencies and cost control.
Revenue for the first nine months grew 20% y-o-y to P14 billion.
Shipping revenues rose 68% as freight grew 47% and travel shot up 259%. Volume momentum in shipment of goods drove up shipping while the passenger business continued to improve as Filipinos travel interisland.
Logistics and other services revenue likewise went up 28%, boosted by the growth in cold chain services, forwarding, and e-commerce fulfillment.
“The normalization of economic activities 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,” 2GO president and chief executive officer Frederic 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.
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