2GO Mulls 25% Hike in its Revenue
2GO Group, Inc. plans to boost profit by a quarter this year amid a sanguine outlook on its logistics, distribution, and express courier businesses, a company official said.
The company has set a P1.1-billion ($0.04billion) net income target this year, 25% up from P880 million last year, 2GO President and Chief Executive Officer Sulficio O. Tagud, Jr. said.
2GO has successfully transitioned from a predominantly shipping and transport company to a full-service logistics and supply chain solutions provider.
The company has a fleet of interisland ferries and cargo ships of the former Aboitiz Transport System. In December 2010, major stockholders of the company, namely Aboitiz Equity Ventures and Aboitiz and Company Inc. sold their shares to Negros Navigation, Inc. (Nenaco).
As of end-2014, the 2Go Group has a total fleet of 21 operating vessels, of which 16 are company owned ships. The company’s operating vessel fleet has a combined gross registered tonnage of approximately 102,057 metric tons, total passenger capacity of approximately 13,963 passengers and aggregate cargo capacity of approximately 2,454 twenty-foot equivalent units (TEUs).
Currently, 2Go operates five RoRo vessels with Manila as their homeport. These vessels are larger coastwise vessels that sail from Luzon to Visayas and Mindanao.
It currently dominates local sea travel with 92 percent passage market share in and out of Manila in the ports it operates from. Freight market share, meanwhile, is at 31 percent, in ports that it serves.
