Annual Report 2023

115 2023 Annual Report Transport International Holdings Limited The Group’s net profit in 2023 was primarily contributed from its investment income from equity investments and rental income from its investment properties. Nevertheless, these profits were partly offset by expected credit losses on certain listed debt securities. Earnings per share for 2023 were HK$0.83 (2022 (restated): HK$1.17). The revenue and profit generated by the Group’s four Divisions for the year ended 31 December 2023 are shown below: Revenue Profit/(loss) before taxation HK$ million 2023 2022 2023 2022 (Restated) Franchised Public Bus Operations Division 7,563.9 6,360.0 129.7 (158.5) Non-franchised Transport Operations Division 238.0 195.7 17.2 (0.4) Property Holdings and Development Division 82.9 51.5 364.6 514.7 China Mainland Transport Operations Division – – 31.1 (6.9) 7,884.8 6,607.2 542.6 348.9 Finance costs (110.1) (37.6) Unallocated net operating (expense)/income (1.4) 139.7 Profit before taxation 431.1 451.0 Income tax (expense)/credit (29.4) 98.0 Profit for the year 401.7 549.0 Segment information on the Group’s main businesses is set out in note 12 to the financial statements on pages 229 to 231 of this Annual Report. Key Changes to the Group’s Revenue, Other Income and Operating Expenses Revenue for 2023 amounted to HK$7,884.8 million, an increase of HK$1,277.6 million or 19.3% compared with HK$6,607.2 million for 2022. The increase was mainly due to the increase in revenue of HK$1,203.9 million and HK$42.3 million from the Group’s franchised public bus operations and non-franchised transport operations, primarily driven by the rebound in bus patronage and the fare increase for KMB and LWB which took effect on 18 June 2023; and the increase in rental income arising from the Group’s investment properties of HK$31.4 million resulting from the completion of the office portion of The Millennity in 2023. Group Revenue Franchised public bus operations Non-franchised transport operations Gross rentals from investment properties Total Assets at 31 December 24,000 12,000 18,000 6,000 0 2019 2020 2021 2022 2023 10,000 5,000 7,500 2,500 0 2019 2020 2021 2022 2023 HK$ million HK$ million (Restated) (Restated)