SBS Transit (S61) Q3 2023 TU earnings summary

Executive summary

• Q3 2023 operating profit was $18.84m and profit after tax was $17.91m; YTD September profit after tax reached $52.70m.

• Rail ridership continued to recover, reaching 93% of pre-COVID levels on NEL and 91% on DTL in Q3 2023.

Financial highlights

• Q3 revenue fell $2.71m YoY to $387.80m, while operating costs declined $2.51m to $368.96m.

• Q3 operating profit was down $0.20m YoY to $18.84m; profit after tax rose $0.80m to $17.91m.

• YTD September revenue rose $9.27m YoY to $1,132.18m; operating costs increased $16.39m to $1,077.25m.

• YTD operating profit declined $7.12m to $54.93m and EBITDA declined $7.32m to $125.73m; profit after tax increased $0.95m to $52.70m.

Outlook and guidance

• Rail ridership is expected to continue improving.

• Elevated energy costs linked to geopolitical factors and rising manpower costs remain pressures.

• The Jurong West bus package expiry takes effect from September 2024.