SBS Transit’s net profit up 1.8% YoY to $70.3m in 2024 on more passengers

Operating costs rose 2.5%, whilst EBTIDA fell 4.3%.

SBS Transit’s full-year net profit attributable to shareholders rose 1.8% YoY to $70.3m, its latest financial results showed.

Group revenue was up 2.1% to YoY $1.56b over the same period.

SBS Transit has proposed a final tax-exempt one-tier dividend of 14.69 cents per ordinary share; and a special tax-expemt one-tier dividend of 8.41 cents per ordinary share.Operating costs rose 2.5% to $1.49b on back of higher costs for manpower, premises, re

pairs, and maintenance, SBS Transit siad.

The company also saw higher rail licence charge and advertising concession fees in 2024, offset by productivity savings, lower fuel and electricity costs, and lower depreciation expense, it said.

Operating profit for FY2024 fell by 4.5% YoY to $73.17m.Earnings before interest, tax, depreciation and amortization (EBITDA) is 5.3% 

YoY lower, at $160.32m in FY2024, compared to $169.27m in FY2023.

Looking ahead, SBS Transit Group CEO Jeffrey Sim expects the demand for public transfer services eto grow.

Average daily ridership on its rail services grew across three lines in 2024: by 3.3% to 589,000 on the North East Line (NEL), 1% YoY to 161,000 on the Sengkang-Punggol LRT, and 5% YoY to 465,000 on the Downtown Line (DTL).