LBC Express Holdings, Inc. (PSE: LBC), the Philippines’ leading logistics and money services provider, capped off 2024 with steady performance, showcasing the company’s resilience in a shifting market landscape based on its year-end audited financial statements. As LBC prepares to celebrate its 75th anniversary in 2025, the company remains firmly committed to serving Filipino communities worldwide.
Backed by a strong global presence and expansive operations in 29 countries, LBC continues to evolve to meet the needs of both retail and enterprise clients to deliver trusted logistics and money services.
Adapting to a Changing Market
Towards the end of December 2024, LBC recorded ₱14.30 billion in service revenues, a slight decrease from ₱14.51 billion in 2023, amid ongoing industry challenges.
The retail logistics segment remained the primary revenue driver which covers courier, air cargo, and balikbayan box services, contributing ₱10.24 billion (74% of total revenues). While the growing corporate logistics segment that includes freight forwarding, e-commerce, and business solutions, accounted for ₱3.56 billion (25% of total revenues).
Domestic operations led the charge with ₱8.65 billion in revenue (61% of total revenues), while international operations contributed ₱5.64 billion (39%), reinforcing LBC’s global impact.
Operational Efficiency Drives Profit Growth
In response to market pressures, LBC focused on making their operations more streamlined and cost-effective. The company successfully reduced the cost of services from ₱11.47 billion in 2023 to ₱11.17 billion. This enabled a 3% increase in gross profit of ₱3.12 billion compared to the ₱3.05 billion the previous year.
Net income from operations after tax—excluding non-cash valuation impacts—rose to ₱416.64 million, a significant 45% increase from ₱286.91 million in 2023. This performance highlights LBC’s ability to drive profitability through cost control and focused execution.
Commitment to Customer-Centric Excellence
LBC continued to raise the bar for customer experience in 2024 through continuously investing in infrastructure and innovation. The launch of the ‘LBC Central Exchange Facility’ in August 2023 further improved deliveries across the country by streamlining the company’s operations.
With a 99.6% sorting accuracy rate and a 93% on-time delivery rate demonstrates the company’s commitment to a seamless and reliable service. Customer service also remained a top priority, with 95% of inquiries resolved within 24 hours, ensuring that customers are always at the heart of LBC’s operations.
Expanding Services for a Digital Future
To meet the rising demand of e-commerce businesses and digital-savvy consumers, LBC launched ‘LBC Rush’ in 2024. This initiative offers 1 to 2 day express delivery between the National Capital Region (NCR) and key locations in Visayas or Mindanao.
Looking ahead, LBC continues to innovate so Filipino businesses can easily upscale by aligning logistics with e-commerce platforms, while also keeping core services cost-effective and accessible.
A Strong Foundation for the Future
As it enters its 75th year in 2025, LBC embraces new opportunities for growth through its investment in technology, improving customer experience, and driving productivity. All while strongly maintaining its commitment to providing accessible, reliable and efficient logistics and financial services for Filipinos at home or abroad.
“We remain committed to enhancing our operational efficiency and profitability, as we adapt to the evolving needs of our customers,” said Enrique V. Rey, Jr., Chief Finance Officer of LBC Express Holdings, Inc. “Our focus on innovation, coupled with a deep understanding of the market, positions LBC for continued success as we move forward.”
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