SM-led 2GO Group swings back to profitability in 2022
Listed transportation and logistics company 2GO Group Inc., a subsidiary of SM Investment Corp., swung back to profitability in 2022 following the reopening of the economy.
In a disclosure to the Philippine Stock Exchange on Thursday, 2GO Group reported P312 million in net income last year, a turnaround from the P1.14 billion net loss seen in 2021.
"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," said 2GO Group president and CEO Frederic DyBuncio.
"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. 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.
The company posted P19.3 billion in revenues, up 25% year-on-year, as it benefited from the country’s economic reopening and the complete lifting of mobility restrictions due to the COVID-19 pandemic. —VBL, GMA Integrated News