LOGISTICS and remittance service provider LBC Express Holdings Inc. said on Tuesday it is in talks with potential partners to expand its business as the company is targeting to open 100 stores in the Philippines by the end of 2017.
“There are exciting things we want to do in the second half of the year,” Enrique Rey, LBC Express investor relations officer, acting chief finance officer and acting treasurer, said in a media briefing in Pasay City.
According to Rey, LBC will “tap additional logistics support to complete our supply chain.”
Rey said that LBC will roll out more complementary services related to the supply chain to complement its existing line of products and services.
“We are looking at potential acquisitions… We are talking to a local group and a group from the region,” Rey said.
Miguel Camahort, LBC Express president and chief executive officer, said the company plans to add 100 more stores nationwide by year-end, including in untapped areas in need of logistics service.
According to Camahort, the company’s experience in logistics service gives it an edge against its competitors.
“Logistics is very complex. There are lots of complexities in providing the whole service,” Camahort said. “Experience in serving this market makes the difference,” he added.
LBC was founded in 1945 as a brokerage and air cargo agent and today it offers cargo forwarding, logistics and remittance services.
For 2016 it reported a 120 percent surge in net income to P913.9 million from P416.3 million in the previous year.
“2016 was a great year for the Philippine logistics industry. Because of increased economic activity in the Asean region, the recent ratification of the Asean Economic Framework, the entire business was pegged to grow by a staggering $41.3 billion across a four-year timeline,” Camahort said.
Currently, the company has 1,252 owned branches, 159 hubs and 21 distribution centers.