SBS Transit’s net profit rises 1.5% YoY to $69.1m in FY23

With improved profit, the company recorded a 1.6% higher earnings per share.

The net profit attributable to shareholders of SBS Transit rose 1.5% YoY to $69.1m in FY23.

In the same period, the public transport company saw improved revenue of $1.5b, or 0.8% higher than the FY22 record.

Revenue for its business segments also improved in FY23, with “Other Commercial Services” posting a 13.0% YoY increase and its “Public Transport Services” recording a 0.4% YoY jump.

SBS Transit, however, warned that its bus operations may see a drop in revenue in 2024 due to the expiry of the Jurong West bus package to be handed over to a new operator on 1 September.

On the flip side, the company expects higher rail fare revenue due to higher ridership and the fare increase.