2GO Group Inc., the country’s leading transportation and logistics company and a subsidiary of SM Investments Corp., turned around to post a profit in 2022 on higher revenues.
The company said it posted a net profit of P312 million last year, from a net loss of P1.14 billion in 2021.
Gross revenues reached P19.3 billion last year, up 25 percent from 2021 as the company benefitted from the country’s economic reopening and complete lifting of movement restrictions.
Shipping revenues rose 67 percent, as revenues in its passenger travel business grew 217 percent, complemented by an increase in sea freight revenues of 48 percent. Improving market conditions aided volume momentum in shipment of goods, while the holiday season boosted passenger numbers.
Logistics and other services revenue grew 30 percent, led by the growth in cold chain services, forwarding, e-commerce fulfillment and 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,” 2GO president and chief executive Frederic DyBuncio said.
“We are optimistic about ongoing momentum in 2023,” he said.