2GO 2015 net jumps 71% on expansion

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Integrated transport solutions provider 2GO Group Inc. (2GO) set record growth of 71 percent in net income in 2015 as it expanded units of the business.

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2GO earned a net income before tax amounting to P1.5 billion last year, growing by 71 percent from P888.1 million in 2014.

The company attributed the robust growth to the focused drive to expand all the business units within the different businesses under the group, 2GO said in a disclosure to the Philippine Stock Exchange (PSE) Thursday.

Both the group’s shipping and non-shipping business saw positive movement in 2015, but non-shipping business revenue notably grew by a faster 14 percent pace compared to the 13 percent growth recorded in 2014.

2GO’s total consolidated revenues increased by 14 percent to P16.4 billion compared to the same period in 2014.

The company’s shipping revenues saw an uptick of 13 percent.

Revenues generated by its freight business increased by 17 percent due to the higher volume of cargo it serviced, which was in turn attributed to the company’s new routing scheme.

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