SBS Transit reports 13% drop in FY2025 net profit, proposes special dividend of S$0.3199 per share
Revenue declined 2.7% to S$1.52 billion, from S$1.56 billion a year prior
Add BT as a preferred source
[SINGAPORE] SBS Transit’s net profit for the full year ended Dec 31, 2025, fell 13 per cent to S$61.2 million, as revenue and operating profit both declined.
Still, it is rewarding shareholders with a final dividend of S$0.0866 per share – and a special dividend of S$0.3199 per share, said the company in a bourse filing on Tuesday (Feb 24).
The transport group’s bottom line fell in tandem with 2025 revenue, which declined 2.7 per cent to S$1.52 billion, from S$1.56 billion a year prior. Revenue from public transport services was down 3 per cent at S$1.45 billion, mainly due to lower bus revenue arising from the loss of the Jurong West bus package from September 2024, which resulted in lower mileage. This was mitigated by higher rail revenue as rail average fares and ridership increased.
Operating profit for the public transport service business was down 16 per cent to S$45.1 million, mainly due to lower bus revenue and higher rail licence charges, partially offset by lower fuel and electricity costs.
Average daily ridership for the North East Line was up 2.2 per cent at 602,000 passenger trips, while that for the Sengkang-Punggol LRT line dropped by 2.6 per cent to 157,000 passenger trips. Average daily ridership for the Downtown Line was 1.1 per cent higher at 470,000 passenger trips.
The drop in group revenue outstripped a 2.5 per cent decline in operating costs, resulting in a 6.9 per cent lower operating profit of S$68.1 million.
Navigate Asia in
a new global order
Get the insights delivered to your inbox.
The group’s proposed final dividend of S$0.0866 per share and special dividend of S$0.3199 per share result in a total dividend of S$0.4960 per share for 2025, including the interim dividend of S$0.0895. This represents a payout ratio of 253 per cent.
Earnings per share for FY2025 was S$0.1959, lower than FY2024’s S$0.2252.
SBS Transit said that the board proposed the special dividend after a “review of the Group’s capital requirements and funding needs”. The final and special dividends are payable if approved by shareholders at the annual general meeting on Apr 23, 2026.
Jeffrey Sim, chief executive of SBS Transit, said: “We remain focused on strengthening our competitive edge in our bus operations as well as in enhancing our rail reliability. We will continue to work closely with the LTA in implementing the Rail Reliability Taskforce recommendations to deliver a safe and pleasant journey for our commuters.”
Rail operations revenue is expected to grow due to the fare adjustment that came into effect on Dec 27, 2025, and sustained increases in ridership. Bus operations revenue, conversely, is expected to decline following the loss of the Tampines Bus Package from July 2026. Shares of SBS Transit closed up 1.5 per cent or S$0.05 to S$3.44 on Tuesday.
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Copyright SPH Media. All rights reserved.
