LBC Express to open 80 branches this year
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Logistics company LBC Express Holdings Inc. targets to spend up to P100 million this year for 80 to 100 more branches across the country, as it further expands its footprint.
LBC Express president and chief executive officer Miguel Angel Camahort said the total number of wholly-owned branches reached 1,321 by the end of 2017.
“This branch expansion continues to provide volume growth while also extending the branch’s reach and footprint,” he said at the company’s stockholders’ meeting on Monday.
Chief finance officer Enrique Rey Jr. said they already established 46 branches thus far this year.
Rey said the firm usually spends about P700,000 to P1 million for the establishment of a branch.
Revenue from Philippine retail branches increased 12 percent in 2017, contributing a total of P645 million to total revenues of the company.
Logistics revenues continue to make up the lion share in the company’s coffers, with 87 percent contribution at P9 billion last year, up 19 percent from the previous year.
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