2GO Group returns to profitability in Jan-Sept

SM Investments’ subsidiary 2GO Group Inc. swung back to profitability during the first nine months of 2022.

In a statement on Thursday, 2GO Group reported a net income of P240 million in the January to September period, a turnaround from a net loss of P939 million in the same period last year.

The company said the strong nine-month performance was driven by continued growth across major business lines with a focus on the quality of revenue and customers, combined with efficiencies in operations and controlled costs.
 
The company’s revenues stood at P14 billion, up 20% year-on-year.

“The normalization of economic activity in the Philippines is fueling a demand for more transportation and logistics services to move goods and people across the country,” said Frederic DyBuncio, 2GO president and CEO.

“We will continue working to provide customers with reliable end-to-end logistics solutions that enable businesses, communities, and the nation as a whole.” —VBL, GMA Integrated News