SBS Transit profit falls 5.6% to $29.4m in H1

Higher fuel, electricity and staff costs offset revenue growth from its bus and rail operations.

SBS Transit’s net profit attributable to shareholders fell 5.6% to $29.4m in the first half of 2026 as operating costs grew faster than revenue.

The transport operator’s revenue increased 5.3% to $785.6m from $745.9m a year earlier. The growth was driven by higher bus service fees arising from fuel and annual indexation, as well as increased average rail fares and ridership.

Operating costs, however, rose 5.6% to $751.6m, largely due to higher electricity tariffs, diesel prices and staff costs. Operating profit consequently edged down 0.3% to $34m.

Earnings per share declined 5.5% to 9.4 cents from 9.95 cents in the corresponding period.

Revenue from public transport services, comprising bus and rail operations, increased 5.8% to $757.2m. Average daily ridership on the North East Line rose 1.5% to 602,000 passenger trips, whilst Downtown Line ridership grew 1% to 468,000 trips.

Ridership on the Sengkang-Punggol LRT declined 3.6% to 151,000 passenger trips.

Despite the higher public transport revenue, the segment’s operating profit fell 3.8% to $23.3m because of increased fuel, electricity and staff costs.

Other commercial services revenue declined 6.2% to $28.4m due to lower advertising revenue. Its operating profit nevertheless rose 8.1% to $10.7m, supported by lower depreciation, staff costs and advertising expenses.

SBS Transit declared a tax-exempt interim dividend of 8.45 cents per share and a special dividend of 15.97 cents per share. The combined dividend of 24.42 cents represents a payout ratio of 260%.

Looking ahead, the group expects bus revenue to fall following the expiry of the Tampines Bus Package in July 2026 and the Serangoon-Eunos Bus Package in June 2027. Commercial services revenue is also expected to decline as the bus packages expire.

SBS Transit expects higher rail revenue from steady ridership growth and the fare adjustment introduced in December 2025 to partly offset the impact.

The group maintained a cautious outlook for the remainder of the financial year, citing the tight labour market, elevated energy prices and inflation.

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