LBC Express Holdings, Inc., the Philippines’ largest logistics and money services provider, remains committed to serving Filipinos worldwide as it prepares for its 75th year of operations in 2025. With a presence in 30 countries, LBC continues to deliver reliable services while adapting to challenges and changes in the market.
For the first nine months of 2024, LBC reported a 7% increase in operating income, reaching P490.40 million, up from P457.89 million in the same period last year. This growth was driven by improved gross profit and reduced operating expenses.
Key Highlights of LBC Express from January to September 2024:
- Gross Profit: Slight growth to P2.3 billion, compared to P2.27 billion last year, due to better efficiencies and cost-saving measures.
- Operating Expenses: Dropped to P1.79 billion from P1.82 billion, thanks to reduced costs in manpower, utilities, depreciation, and software maintenance. Increases in professional fees, credit loss provisions, and taxes partially offset these savings.
- Cost of Services: Declined by 4%, primarily due to a 5% improvement in delivery and remittance costs and an 8% reduction in facility costs like rent and utilities.
To streamline operations, LBC has restructured its systems, consolidated facilities, and right-sized its workforce. These efforts reduced direct costs and optimized operations.
The company also expanded its online pick-up services, making it easier for customers to book package pick-ups via the LBC website and mobile app—providing added convenience despite branch reductions.
Revenue Trends:
- Total Revenue: Dropped by 3% to P10.58 billion, mainly due to a 6% decline in the retail segment.
- Corporate Business: Grew by 10%, showing strong potential in servicing businesses.
Looking ahead, LBC is focused on continuous innovation to meet customer needs, streamline operations, and embrace new technologies. Its e-commerce logistics solutions are helping online sellers provide dependable delivery services, boosting sales and customer loyalty.
As LBC approaches its milestone 75th year, the company remains committed to improving services, reducing costs, and exploring new growth opportunities to continue serving the nation and Filipinos worldwide.