2GO Q1 2022 financial performance posts significant improvement from strong economic reopening

(13 May 2022. Pasay, Philippines) 2GO Group, Inc. (2GO), the country’s leading transportation and logistics firm, significantly improved its financial performance in the first quarter, trimming net losses by 88% to PHP35 million from PHP292 million in the same period last year.

With the country’s economic reopening underway, Shipping revenues rose 53%, as both sea freight and travel gained traction. Logistics and other services revenue grew 14%, boosted by the growth in cold chain reefers, e-commerce fulfillment and international courier services. In aggregate, 2GO Group, Inc. delivered PHP3.9 billion in revenues for the first three months of 2022.

“Our company focused on profitable services and customers, while driving efficiencies in our operations and stringently controlling costs. We are encouraged by the country’s reopening as it opens opportunities for us to facilitate economic activity,” 2GO President and CEO Frederic C. DyBuncio said.

2GO continues to modernize its operations to improve customer experience and strengthen services. Its Express business invested in automated sorting and transport management systems to meet growing customer demands. 2GO also recently invested in two (2) modern vessels, MV 2GO Masagana and MV 2GO Maligaya, which are the largest roll-on/roll-off passenger vessels in the country. Both vessels are equipped with top-notch safety and navigation systems as well as passenger amenities. These two ships were instrumental in delivering five hundred (500) tons of relief goods as well as transporting critical utilities equipment and personnel in the regions affected by Typhoon Odette.

“As the economy continues on its path towards recovery, 2GO looks forward to the return of travel and tourism. Our ships and port operations have been upgraded in preparation for this to provide passengers with an enhanced onboard and terminal experience. We are optimistic that our continued modernization efforts will further improve service standards and drive profitability,” Mr. DyBuncio said.