LBC Express Holdings, Inc., the Philippines’ largest logistics and money services provider, continues to adapt to evolving market dynamics as it gears up for its 75th year of operations in 2025. Operating in 30 countries, LBC remains committed to serving Filipinos worldwide through reliable logistics and financial services.
The company recently submitted its unaudited financial results to the Securities and Exchange Commission (SEC) and the Philippine Stock Exchange (PSE), reflecting a mixed performance. Operating income rose by 7% to PHP490.40 million for the nine months ending 30 September 2024, compared to PHP457.89 million for the same period in 2023. This growth was primarily driven by improved gross profit and reduced operating expenses. Gross profit slightly increased to PHP2.3 billion from PHP2.27 billion, while operating expenses fell to PHP1.79 billion from PHP1.82 billion, attributed to cost-cutting measures in manpower, utilities, software maintenance, and facility operations.
The cost of services declined by 4% to PHP8.3 billion from PHP8.6 billion, as the company enhanced cost efficiencies in delivery, remittance, and facility management. These improvements stemmed from rationalization programs, including facility consolidation and workforce adjustments. To compensate for branch reductions, LBC expanded its parcel pick-up services, which are accessible online via its website and mobile app, enhancing convenience for customers.
However, the company faced challenges, with service revenues dropping 3% to PHP10.58 billion from PHP10.88 billion. The retail segment saw a 6% decline, partially offset by a 10% growth in the corporate business segment.
LBC emphasized its commitment to innovation and integrating digital solutions to improve operational efficiency and customer experience. Its logistics platforms now support eCommerce businesses, enabling seamless delivery options that boost retailer sales and customer loyalty.
“We will remain determined to drive productivity and profitability while investing in efficiency and our future growth. We are adjusting operations to address new capabilities,” according to Enrique V. Rey, Jr., Chief Finance Officer of LBC Express Holdings, Inc.
Despite challenges, LBC remains focused on sustaining operational excellence, reducing costs, and exploring new revenue streams as it moves toward its milestone year.