Annual Report 2024

14 2024 Annual Report Transport International Holdings Limited CHAIRMAN’S LETTER Dear Shareholders, On behalf of the Board of Directors, I hereby report that the Group’s underlying profit attributable to equity shareholders for the year ended 31 December 2024, excluding the effect of the change in fair value of investment properties and investment property under development, amounted to HK$265.5 million, compared to HK$114.3 million last year. Underlying earnings per share was HK$0.53, compared to HK$0.24 last year. The increase in underlying profit was mainly attributable to the improvement in the financial performance of the franchised public bus operations, but partly offset by expected credit losses on certain listed debt securities. Reported profit and reported earnings per share attributable to equity shareholders were HK$187.3 million and HK$0.37 respectively, compared to HK$401.7 million and HK$0.83 last year. The 2024 reported profit included a decrease in fair value of investment properties and investment property under development of HK$78.2 million, compared to an increase of HK$287.4 million last year. Dividends The Board of Directors has proposed an ordinary final dividend of HK$0.50 per share for 2024. The dividend will be payable on 26 June 2025. The total dividend for the year will amount to HK$0.50 per share, compared to HK$0.80 per share last year. Financial Performance in 2024 The Kowloon Motor Bus Company (1933) Limited (“KMB”) recorded a profit after taxation of HK$126.8 million for 2024 (2023: HK$11.5 million). As for Long Win Bus Company Limited (“LWB”), the profit after taxation for 2024 was HK$41.7 million (2023: HK$23.1 million). The Group’s Non-Franchised Transport Operations Division, with Sun Bus Limited (“Sun Bus”) as its flagship company, recorded a profit after taxation of HK$20.6 million (2023: HK$13.9 million). Our Mainland Transport Operations Division achieved positive overall results in 2024. Development Driven by Innovation Rooted in Hong Kong for more than 90 years, KMB has moved forward side by side with the public, honouring its commitment to serving Hong Kong while embracing its role as the “Heartbeat of the City”. As our society enters a new phase of transformation, striving for advancement and evolution, economic activities are shifting towards innovation and diversification. Residents are travelling more frequently between Hong Kong and the Mainland, leading to a change in their living and travelling patterns. Given the nature of the Group’s business, all the above present challenges to us. In response, the Group has taken the initiative to seek change, seizing the opportunities that arise. Last year saw an upward trend in visitor arrivals. Although the number of visitors was not comparable to the peak, it still contributed to the growth of the Group’s business. More visitors now prefer to explore Hong Kong in depth. To meet the demand for its services, the Group endeavoured to innovate by launching the “Tourist Day Pass”. With the Pass, tourists could take unlimited trips on over 450 KMB and LWB routes within 24 hours, including routes to and from the control points and overnight routes. By providing a more convenient and cost-effective travelling option, the all-day