Annual Report 2025

108 Transport International Holdings Limited 2025 Annual Report FINANCIAL REVIEW Total Assets at 31 December (Restated) (Note) (Restated) (Note) 24,000 12,000 18,000 6,000 0 2021 2022 2023 2024 2025 HK$ million Group Revenue HK$ million 10,000 5,000 7,500 2,500 0 2021 2022 2023 2024 2025 Franchised public bus operations Non-franchised transport operations Gross rentals from investment properties Note: The relevant comparative amounts in 2021 and 2022 have been restated to reflect the change in accounting policies in respect to the measurement of investment properties and investment property under development. Total operating expenses for 2025 amounted to HK$7,890.9 million, a decrease of HK$25.3 million compared to HK$7,916.2 million for 2024. The decrease was driven by favourable external conditions, including a reduction in fuel and oil costs, driven by reduced fuel prices together with a decrease in toll charges, but largely offset by the increase in staff costs due to pay rises. The Group’s share of profits from both associates and a joint venture for 2025 was similar to that of 2024. Income tax expense for the year amounted to HK$95.3 million (2024: HK$57.0 million). The breakdown of the income tax expense is set out in note 6 to the financial statements on page 215 of this Annual Report. More detailed information in respect of the Group’s individual business units is set out on pages 114 to 119 of this Annual Report. Dividend The Board has recommended an ordinary final dividend of HK$0.50 per share (2024: HK$0.50 per share). Together with the interim dividend of HK$0.30 per share (2024: Nil), total dividends for the year will amount to HK$0.80 per share (2024: HK$0.50 per share), subject to the approval of the shareholders at the Annual General Meeting of the Company to be held on 14 May 2026 or at any adjournment thereof.