2Go Group Inc., the transportation and logistics arm of SM Investments Corp., turned around in 2022, and posted a net profit of P312 million on the back of a 25 percent growth in revenue.
The company reported a net loss of P1.14 billion in 2021 on gross revenue of P15.4 billion.
Group revenue rose to P19.3 billion as earnings from shipping operations got a strong boost from the travel business and robust growth in freight revenue.
“Our 2022 growth was a result of high demand for our services with the opening of the economy while our increased profitability was also driven by the structural changes and financial discipline we put in place,” said Frederic DyBuncio, 2Go president and chief executive officer, said in a statement.
“”Additionally, we continued to make bold investments as opportunities arose during the pandemic. Our aim remains to be best-in-class logistics and transportation provider in the Philippines,” DyBuncio said.
“We are optimistic about ongoing momentum in 2023,” he added.
