SBS Transit Q3 net profit rises 35.5% to S$19.6 million on provision write-back

[SINGAPORE] SBS Transit posted a 35.5 per cent rise in net profit to S$19.6 million for its third quarter ended Sep 30, from S$14.5 million in the previous corresponding period.

This was due to a S$13 million write-back of prior years’ Fuel Equalisation Fund provisions, which was included in the operating profit.

The Public Transport Council approved the write-back for the financial year 2026, the mainboard-listed public transport operator said in a business update on Wednesday (Nov 11).

Operating profit for the quarter rose 37.7 per cent to S$22.6 million, from S$16.4 million in the year-ago period.

Meanwhile, operating costs fell 2.8 per cent to S$359.5 million, from S$370 million, mainly on lower repairs and maintenance and staff costs after it exited the PT207 Tampines bus package.

This was partly offset by higher diesel and electricity prices amid the Iran conflict.

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Revenue for the quarter fell 1.1 per cent to S$382.1 million, from S$386.5 million a year earlier. This was mainly due to a lower bus service fee from the loss of the Tampines package, as well as lower rail grants and ridership.

For the nine months ended Sep 30, net profit rose 7.5 per cent to S$48.9 million, from S$45.5 million a year earlier.

Revenue grew 3.1 per cent to S$1.2 billion from S$1.1 billion, while operating profit rose 12 per cent to S$56.6 million, from S$50.6 million.

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Segment performance and ridership

Revenue from public transport services, which comprise bus and rail operations, fell S$1.4 million in Q3.

Revenue from other commercial services declined S$2.9 million, mainly due to lower advertising revenue amid economic uncertainty.

Average daily ridership on the North East Line (NEL) fell 0.8 per cent year on year to 620,265, while that on the Downtown Line (DTL) fell 1.3 per cent to 483,695.

Compared with Q2, however, ridership rose 4.7 per cent on the NEL and 4.9 per cent on the DTL.

SBS Transit said upgrading works on the Sengkang West Inner Loop were completed, with full train service resuming on Oct 4, two weeks earlier than planned.

It will also hand over operations of the BC802 Serangoon-Eunos bus package from Jun 13, 2027, following the tender outcome announced on Jul 16.

Shares of SBS Transit closed flat at S$3.56 on Wednesday, before the results were announced.