SBS Transit (S61) AGM 2025 presentation summary

FY2024 financial performance

• Revenue rose 2.1% to $1,559.7m, mainly from higher rail revenue due to ridership and fares.

• Operating costs increased 2.5% to $1,486.6m, reflecting advertising concession fees, higher staff costs and rail licence charges, partly offset by productivity savings.

• Operating profit fell 4.5% to $73.2m; PBT declined 5.1% to $83.5m, while EBITDA fell 5.3% to $160.3m.

• PAT increased 1.8% to $70.3m as lower taxes, including writebacks, offset lower PBT.

Balance sheet

• Total assets decreased 1.0% to $1,160.67m at 31 Dec 2024, mainly due to the Soon Lee bus depot sale and depreciation, partly offset by higher receivables, inventories and short-term deposits.

• Total liabilities fell 10.0% to $441.19m, mainly due to lower trade and other payables and income tax payable.

• Equity rose 5.5% to $719.48m, reflecting operating profits partly offset by dividends paid.

Dividend and shareholder returns

• FY2024 EPS was 22.52 cents, up 1.7% YoY; total dividends were 28.68 cents per share versus 11.16 cents in FY2023.

• FY2024 dividends comprised a 5.58-cent interim, 14.69-cent final and 8.41-cent special dividend; the special dividend represented proceeds from the Soon Lee bus depot sale.

• Dividend payout ratio was 127%, or 90% excluding the special dividend; dividend yield was 11.8% based on the 31 Dec 2024 share price of $2.44.