2GO, the Philippines’ largest integrated transportation and logistics solutions provider, registered a strong 52 percent increase in net income to PHP1 billion in the first half of this year from the same period last year, with all business components contributing positively, including higher passenger volume as more shifted to sea travel amid soaring airfares due to higher fuel prices.
This was backed by PHP10.8 billion in revenue generated in the first six months, 12 percent higher than the same period in 2025.
2GO is one of the portfolio investments of SM Investments Corp. (SM Investments), whose group contribution to the overall SM Investments increased to 11 percent from 7 percent in the first half of last year.
Revenue streams
According to DyBuncio, the biggest revenue component of 2GO is its shipping business.
“We carry a lot of cargo down to this main, and we also carry passengers going down to the south of the island.”
As a forwarding business, DyBuncio said 2GO handles more than 400 tons of cargo a month.
In terms of passenger volume, 2GO is the only shipping line in the country that transports passengers to the Visayas and Mindanao from Manila.
Although the passenger business generates less revenue than its cargo operations, DyBuncio said, “That’s something which we’re actually proud of.”
2GO also benefited from a shift in passenger preference toward sea travel as airfares increased.
He said each vessel carries between 900 and 1,000 passengers, with the company operating nine roll-on/roll-off passenger vessels as part of its active inter-island fleet, alongside one pure cargo freighter.
The next revenue stream is the e-commerce business.
“The e-commerce business has actually been growing,” he said, noting that many customers use the 2GO network to move their goods and services.
Another growing component is its logistics business, where 2GO transports heavy equipment to the regions.
The final revenue stream is its warehousing and cross-docking business.
DyBuncio cited the increased volume of passengers shifting to sea travel following higher airfares caused by surging fuel prices after the outbreak of war in the Middle East. This also forced 2GO to adjust its rates, as suppliers also raised their rates to remain competitive while staying sensitive to their clients.
Investors
When asked if 2GO had received investment offers in light of the robust logistics business, DyBuncio said they were not aware of any interested parties and had not been exploring other investors.
2GO is majority-owned by the Sy family’s SM Investments, which holds a 67.21 percent stake, while the remaining 31.73 percent is owned by Trident Investments Holdings Pte. Ltd.
“Other than that, we have not been exploring other shipping companies or logistics companies to work with us. We think we can deliver the results that we’re hoping to achieve,” said DyBuncio, who is also president and CEO of 2GO.
