SBS Transit reports 32% rise in earnings to $68m on back of higher ridership

SINGAPORE - Listed land transport operator SBS Transit posted a 31.7 per cent increase in full-year earnings for the year ended Dec 31, 2022 to $68 million.

Rail ridership and bus mileage rose as more people returned to work after most Covid-19 restrictions were lifted from April 2022. In the second half of the year, average daily ridership for the North-East Line grew by 47.3 per cent to 527,000 trips, while that for the Sengkang-Punggol LRT rose by 37.4 per cent to 144,000. Average ridership for the Downtown Line grew by 63.2 per cent to 404,000 trips a day.

On the whole, SBST posted net earnings per share for the year of 21.81 cents, up from 16.56 in 2021. Asset value per share stood at $2.07, versus $1.93. Cashflow remained strong, with cash and equivalents shooting up by 69.2 per cent to $345.3 million.Cheng Siak Kian on Jan 1, said: “As Singapore moves closer to pre-pandemic normalcy, we expect demand for our services to grow, but we are mindful of the increased cost pressures from manpower and electricity.

SBS Transit reports 32% rise in earnings to $68m on back of higher fares

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