Increased activities helped 2GO return to profit

2GO Group, Inc. returned to a net attributable profit in the second quarter of the year after losing P308.73 million a year earlier.

The company reported an attributable net income of P108.14 million for the second quarter of 2022.

Revenues for the period reached P4.71 billion, up 23.9% from P3.8 billion previously, 2GO Group’s second-quarter financial performance results showed.

“The strong performance was driven by increased activities in the second quarter across major business lines, boosted by shipping and passenger volumes as the economy opened up,” the company said in an e-mailed statement.

“Shipping saw increased volumes of goods shipped to the Visayas and Mindanao regions in particular, while passenger numbers also increased significantly as movement restrictions were lifted,” it added.

It also reported an attributable net income of P73.24 million for the first six months of 2022, after losing P615.93 million in the same period last year.

Revenues for the first half rose 11.7% to P8.7 billion from P7.79 billion previously.

“Increased economic activity and demand for transportation nationwide helped drive our financial turnaround,” 2GO President and Chief Executive Frederic C. DyBuncio said.

“Our focus on customer experience and serving high-growth sectors ensures that 2GO is leading in logistics sector growth,” he added.

According to the company, it also benefited from “operational efficiencies and higher service levels” due to recent investments in IT and systems and two ROPAX ships — MV 2GO Maligaya and MV 2GO Masagana.

“More fuel-efficient ships and vehicle routing systems helped offset the effects of higher fuel costs, among other initiatives,” it said.

2GO Group shares closed 4.1% higher at P6.60 apiece on Thursday. — Arjay L. Balinbin