SBS Transit (S61) Q1 2024 TU earnings summary

Executive summary

• Q1 2024 operating profit was $17.25m and profit after tax was $17.00m, up 5.5% and 7.5% YoY, respectively.

• NEL and DTL ridership recovered to 95% and 93% of pre-COVID levels, respectively.

Financial highlights

• Revenue rose 6.6% YoY to $392.09m; operating costs increased 6.6% to $374.84m.

• Operating profit increased 5.5% YoY to $17.25m; profit after tax rose 7.5% to $17.00m.

• EBITDA declined 3.0% YoY to $38.98m from $40.18m.

• At Mar 2024, total assets were $1,145.72m, down 2.3% from Dec 2023; total liabilities fell 9.1% to $445.30m and equity rose 2.7% to $700.42m.

Outlook and guidance

• Continued recovery in rail ridership is expected.

• Cost increases are expected to moderate with lower inflation and electricity rates.

• The Jurong West package is scheduled to transfer to the new operator on 1 September 2024.