PASAY, Philippines, Feb. 23, 2023 /PRNewswire/ -- 2GO Group, Inc. (2GO), the country's leading transportation and logistics company and a subsidiary of SM Investments Corporation, posted turnaround profits of PHP312 million on the back of PHP19.3 billion in revenues. Group revenues grew 25% as the company benefitted from the country's economic reopening and complete lifting of movement restrictions.
2GO’s state-of-the-art vessel MV Masagana
Shipping revenues rose 67%, as revenues in its passenger Travel business grew 217%, complemented by an increase in Sea freight revenues of 48%. 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," Frederic C. DyBuncio, 2GO President and CEO, 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," he added.
ABOUT 2GO GROUP, INC.
2GO GROUP, INC. enables the movement of goods and people throughout the Philippines. It is then largest end-to-end transportation, logistics, and distribution provider in the country. At its core are six business units, namely 2GO Sea Solutions, 2GO Special Containers and Value Added Services (SCVASI), 2GO Express, 2GO Forwarding, 2GO Logistics and ScanAsia Overseas.
Owned by SM Investments Corporation, one of the country's largest conglomerates, 2GO offers multimodal transportation, warehousing and inventory management, distribution, special containers, and project logistics as well as e-commerce logistics, including last-mile deliveries, and express courier deliveries. 2GO also provides sea travel, and a wide range of peripheral logistics such as freight forwarding, import and export processing, and customs brokerage. 2GO leverages on all its services to create unique supply chain solutions for all its customers.
Backed by 148 years of expertise in transportation and logistics, 2GO has made a mark for providing the best travel experiences, efficient movement of products and cargoes, and for catalyzing business growth in domestic and international markets.