Photo from SBS Transit

Higher revenue drives SBS profit up 7.5% YoY in 1Q24

Revenue for the period was 6.6% YoY higher.

SBS Transit posted a 7.5% YoY higher profit after tax in 1Q24 of $17m, driven by higher revenue.

Revenue for the period was $392.09m, 6.6% higher than the 1Q23 record of $367.93m.

The company’s public transport services and other commercial services segments propelled overall revenue growth for the period. 

The public transport services’ revenue rose by $23.51m due to higher fare revenue, whilst other commercial services reported a $0.65m higher revenue amidst more advertising campaigns.

On the other hand, the company reported a 3.0% YoY lower earnings before interest, taxes, depreciation and amortisation (EBITDA) of $38.98m in 1Q24.

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