LBC Express Holdings Inc. (LBCEHI) aims to raise its 2017 net core income to P985 million from last year’s P920 million.
During the company’s 2016 annual stockholders’ meeting on August 19, 2017, LBC chief financial officer Enrique V. Rey, Jr. said the company is already hitting targets going by the first-semester figures.
In a regulatory disclosure, LBCEHI reported a net income of P442.586 million for the first half of 2017, 6.9% higher than the P413.870 million posted in the same period last year.
Rey said there are “exciting things that we plan to do on the second part of the year that will further boost our income numbers.”
He said LBC is in the advance stage of discussion with prospective local and foreign partners and looking to “tap additional logistics support to complete our supply chain segment.”
He said they are looking for partners with similar operations as LBC that can enhance the existing services the company provides.
LBC president Miguel Camahort, meanwhile, said LBC is innovating its services to maintain its position in the market.
According to third-party surveys, LBC accounts for 50-85% share of the domestic cargo, 25% of domestic air cargo, and 86% of the express business. It also remains one of the top four remittance service providers in the country.
Expansion
The company recently completed a transaction with CP Briks Private Limited, a regional fund, where a convertible instrument amounting to US$50 million was issued. Proceeds of the investment will be used to fund the expansion and growth of LBC Express, Inc.
LBC currently operates in over 20 countries, with a network of over 1,200 branchesinaddition to 5,300 partner agents. It said it is steadily trying to expand its reach both domestically and globally.
In the Philippines, it operates three main hubs for cargo in Manila, Clark, and Cagayan de Oro, and has 78 delivery hubs, with a team of 1,410 delivery associates and over 6,000 employees across the country. — Aubrey Joyce Bajo
