Negros Navigation Company Inc., the controlling shareholder in listed logistics company 2Go Group Inc., said Thursday consolidated income surged 42 percent in the first half to P1.7 billion from P1.2 billion a year ago.
Nenaco said in a report to the Securities and Exchange Commission that management attributes complemented by healthy cost-to-revenue ratio were the major factors behind the sustained revenue growth.
Nenaco said through operating company 2Go Group, it bolstered its foothold as the largest fully-integrated supply chain enterprise and most complete end-to-end solutions provider in the Philippines.
“Our mission is to become the enabler of FMCG industry in the country while manufactures and retailers expand their networks rapidly across the country,” said 2Go president and chief executive Sulficio Tagud Jr.
Nenaco said amid the positive growth, there were reports of Udenna Corp., a holding company, recently acquired a substantial stake in Nenaco which controls 2Go.
Nenaco said no such acquisitions were made upon checking with the corporate secretary who stated there was no satisfactory proof of such acquisition.
“Without the proof of acquisition, Nenaco continues to be owned and controlled by KGLI-NM Holdings Inc., whose major shareholder is Negros Holdings & Management Corp.,” said Nenaco corporate secretary Amado Santiago III.
Nenaco said the company and 2Go remained under the leadership and guidance of Sulficio Tagud Jr., whose current tenure had contributed to the flourishing of 2Go’s Group brands which in turn garnered a nationwide trust for being the largest integrated transport solutions provider in the Philippines.