Annual Report 2025

114 Transport International Holdings Limited 2025 Annual Report FINANCIAL REVIEW Individual Business Units Franchised Public Bus Operations The Kowloon Motor Bus Company (1933) Limited (“KMB”) Unit 2025 2024 Revenue HK$ million 7,412.9 7,229.8 Other income HK$ million 109.8 145.6 Total operating expenses HK$ million (7,065.9) (7,150.3) Profit from operations HK$ million 456.8 225.1 Finance costs HK$ million (25.1) (72.5) Profit before taxation HK$ million 431.7 152.6 Income tax expense HK$ million (71.0) (25.8) Profit after taxation HK$ million 360.7 126.8 Net profit margin 4.9% 1.8% Passenger volume Million passenger trips 923.0 940.3 Kilometres operated Million km 252.3 256.2 Staff number at year-end Number of staff 11,023 11,150 Fleet size at year-end Number of buses 3,959 4,010 Total assets HK$ million 9,666.9 9,996.6 KMB recorded a profit after taxation of HK$360.7 million for 2025, compared to the profit after taxation of HK$126.8 million for 2024. Fare revenue for 2025 was HK$7,156.2 million, an increase of HK$206.9 million or 3.0% compared with HK$6,949.3 million for 2024. The increase was mainly due to the fare hike that took effect on 5 January 2025, but partly offset by a decline in ridership. KMB’s total ridership decreased by 1.8% to 923.0 million passenger trips (a daily average of 2.53 million passenger trips) as compared with 940.3 million passenger trips (a daily average of 2.57 million passenger trips) for 2024. Total operating expenses for 2025 amounted to HK$7,065.9 million, a decrease of HK$84.4 million or 1.2% compared with HK$7,150.3 million for 2024. The decrease driven by favourable external conditions, including a reduction in fuel and oil costs, driven by reduced fuel prices, but largely offset by the increase in staff costs due to pay rises.