SM’s 2GO posts 52% increase in Q3
What: 2GO Group, Inc., a subsidiary of SM Investments Corporation, has delivered back-to-back profitable quarters with a Q3 net income of PHP 166 billion.
Why it is important: 2GO’s strong performance was driven by a normalization of economic activity in the Philippines leading to a demand for more transportation and logistics services to move goods and people across the country.
Shipping revenues rose 68%, freight rose 47% and travel grew 259%. Logistics and other services grew by 28%. Overall, the revenues of 2GO grew 20% during the first nine months of 2022.