TRANSPORTATION and logistics company 2GO Group Inc., a subsidiary of SM Investments Corp., posted turnaround profits of P312 million on the back of P19.3 billion in revenues in 2022.

Group revenues grew 25 percent as the company benefited from the country's economic reopening and complete lifting of movement restrictions.

Shipping revenues rose 67 percent, as revenues in its passenger travel business grew 217 percent, complemented by an increase in sea freight revenues of 48 percent. Improving market conditions aided volume momentum in shipment of goods, while the holiday season boosted passenger numbers.

Logistics and other services revenue grew 30 percent, led by the growth in cold chain services, forwarding, e-commerce fulfillment and its international courier business.

'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. 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,' 2GO President and CEO Frederic DyBuncio said.

'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.

Backed by 148 years of expertise in transportation and logistics, 2GO has made a mark for providing the best travel experiences, efficient movement of products and cargoes, and for catalyzing business growth in domestic and international markets.