LISTED courier and money transfer company LBC Express Holdings, Inc. said Thursday its net income last year soared 120 percent to P913.94 million from P416.3 million in 2015 due to the rise in air and courier services driven by improved cost of air and sea freight.
In a statement, it said gross revenues more than doubled in 2016, surging 13.5 percent to P8.85 billion from P7.8 billion in the previous year.
LBC said the earnings growth was driven largely by the additional 48 new branches which opened in the
Philippines last year, which also increased volumes from cargo forwarding services in the same period. The additional of 48 branches brought the total to 1,245 branches in 2016.
The courier currently operates three main hubs for sea cargo in Manila, Clark, and Cagayan de Oro, and has 78 delivery hubs in the country.
Given the momentum, LBC said it is taking aggressive steps toward continued growth by focusing on a developing logistics market “anchored on tailored services, consistent e-commerce initiatives and the addition of new technologies and systems designed to make freight forwarding more efficient.”
“The company’s growth is further bolstered by LBC’s focus on improving operations and services across the
Asean regional market, where the increased regional economic activity, which opened access to manpower, raw materials, and other key resources, prompted demand for the company’s services,” LBC said.
The company said it plans to open branches in untapped areas this year where express delivery service is critical.
“We’ve been making efforts to consistently expand reach in the region and bring our services to communities that need it the most,” LBC Express Inc. Senior Vice President for Operations Oliver Valentin said.
LBC offers retail and corporate courier and cargo, money remittance, and logistics services with a growing network of over 6,400 branches, hubs and warehouses, partners, and agents in over 20 countries.