Annual Report 2024

120 2024 Annual Report Transport International Holdings Limited FINANCIAL REVIEW Long Win Bus Company Limited (“LWB”) Unit 2024 2023 Revenue HK$ million 630.6 530.5 Other income HK$ million 3.5 1.7 Total operating expenses HK$ million (578.2) (496.5) Profit from operations HK$ million 55.9 35.7 Finance costs HK$ million (6.1) (8.1) Profit before taxation HK$ million 49.8 27.6 Income tax expense HK$ million (8.1) (4.5) Profit after taxation HK$ million 41.7 23.1 Net profit margin 6.6% 4.4% Passenger volume Million passenger trips 48.3 42.9 Kilometres operated Million km 33.5 29.1 Staff number at year-end Number of staff 842 757 Fleet size at year-end Number of buses 283 285 Total assets HK$ million 716.2 649.9 The profit after taxation of LWB for 2024 was HK$41.7 million, compared to the profit after taxation of HK$23.1 million for 2023. LWB’s fare revenue for 2024 was HK$626.7 million, an increase of HK$100.0 million or 19.0% compared with HK$526.7 million for 2023. The increase was mainly due to the growth in bus patronage. LWB recorded a total ridership of 48.3 million passenger trips (a daily average of 132,000 passenger trips) for 2024, as compared with 42.9 million passenger trips (a daily average of 118,000 passenger trips) for 2023. Total operating expenses for 2024 amounted to HK$578.2 million, an increase of HK$81.7 million or 16.5% compared with HK$496.5 million for 2023. The increase was largely attributed to the increase in staff costs due to pay rises as well as the increase in manpower in response to the increased service levels. Non-franchised Transport Operations The Group’s Non-franchised Transport Operations Division reported a profit after taxation of HK$20.6 million for 2024, compared to HK$13.9 million for 2023. A review of the operations of the principal business units in this Division is set out as follows: Sun Bus Holdings Limited and its Subsidiaries (the “SBH Group”) The SBH Group is one of the leading non-franchised bus operators in Hong Kong, providing customised, premium, safe, reliable, and value-for-money transport services to a wide range of customers, including large residential estates, shopping malls, major employers, travel agents and schools, as well as the general public through chartered hire services. The revenue of the SBH Group for 2024 increased by 11.5% compared with 2023. The increase was mainly attributable to the business growth from both local business and cross-boundary services. Total operating costs for 2024 also increased as a result of the rise in staff costs and other operating expenses in line with the growth of business. In 2024, the SBH Group continued to modernise its bus fleet with the latest Euro VI buses. As at 31 December 2024, the SBH Group had a fleet of 409 buses (2023: 421 buses).