Annual Report 2024

119 2024 Annual Report Transport International Holdings Limited Individual Business Units Franchised Public Bus Operations The Kowloon Motor Bus Company (1933) Limited (“KMB”) Unit 2024 2023 Revenue HK$ million 7,229.8 7,031.3 Other income HK$ million 145.6 133.0 Total operating expenses HK$ million (7,150.3) (7,070.3) Profit from operations HK$ million 225.1 94.0 Finance costs HK$ million (72.5) (78.8) Profit before taxation HK$ million 152.6 15.2 Income tax expense HK$ million (25.8) (3.7) Profit after taxation HK$ million 126.8 11.5 Net profit margin 1.8% 0.2% Passenger volume Million passenger trips 940.3 923.6 Kilometres operated Million km 256.2 260.2 Staff number at year-end Number of staff 11,150 11,598 Fleet size at year-end Number of buses 4,010 4,055 Total assets HK$ million 9,996.6 10,012.5 KMB recorded a profit after taxation of HK$126.8 million for 2024, compared to the profit after taxation of HK$11.5 million for 2023. Fare revenue for 2024 was HK$6,949.3 million, an increase of HK$208.6 million or 3.1% compared with HK$6,740.7 million for 2023. The increase was mainly due to the increase in fare revenue as a result of the increase in bus patronage. KMB’s total ridership increased by 1.8% to 940.3 million passenger trips (a daily average of 2.57 million passenger trips) as compared with 923.6 million passenger trips (a daily average of 2.53 million passenger trips) for 2023. Total operating expenses for 2024 amounted to HK$7,150.3 million, an increase of HK$80.0 million or 1.1% compared with HK$7,070.3 million for 2023. The increase was mainly due to the increase in staff costs due to pay rises, but partly offset by decrease in fuel and oil costs as a result of the decrease in fuel price.