Annual Report 2025

115 2025 Annual Report Transport International Holdings Limited Long Win Bus Company Limited (“LWB”) Unit 2025 2024 Revenue HK$ million 647.1 630.6 Other income HK$ million 2.1 3.5 Total operating expenses HK$ million (590.5) (578.2) Profit from operations HK$ million 58.7 55.9 Finance costs HK$ million (3.2) (6.1) Profit before taxation HK$ million 55.5 49.8 Income tax expense HK$ million (9.1) (8.1) Profit after taxation HK$ million 46.4 41.7 Net profit margin 7.2% 6.6% Passenger volume Million passenger trips 49.5 48.3 Kilometres operated Million km 35.2 33.5 Staff number at year-end Number of staff 861 842 Fleet size at year-end Number of buses 313 283 Total assets HK$ million 696.6 716.2 The profit after taxation of LWB for 2025 was HK$46.4 million, compared to the profit after taxation of HK$41.7 million for 2024. LWB’s fare revenue for 2025 was HK$642.0 million, an increase of HK$15.3 million or 2.4% compared with HK$626.7 million for 2024. The increase was mainly due to the growth in bus patronage. LWB recorded a total ridership of 49.5 million passenger trips (a daily average of 136,000 passenger trips) for 2025, as compared with 48.3 million passenger trips (a daily average of 132,000 passenger trips) for 2024. Total operating expenses for 2025 amounted to HK$590.5 million, an increase of HK$12.3 million or 2.1% compared with HK$578.2 million for 2024. The increase was primarily attributed to the increase in staff costs due to pay rises, as well as the increase in manpower in response to elevated service levels and the increase in depreciation due to an expanded bus fleet, but partly offset by the favourable external conditions, including a reduction in fuel and oil costs, driven by reduced fuel prices. Non-franchised Transport Operations The Group’s Non-franchised Transport Operations Division reported a profit after taxation of HK$29.7 million for 2025, compared to HK$20.6 million for 2024. 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 centres, major employers, travel agents and schools, as well as the general public through chartered hire services. The revenue of the SBH Group for 2025 increased by 4.1% compared with 2024. The increase was mainly attributable to the business growth. Despite the revenue growth, total operating costs in 2025 remained largely consistent with those of 2024, primarily attributable to the cost control measures implemented by management to streamline operations, along with the decrease in fuel and oil costs. However, these reductions were partly offset by the increase in staff costs. In 2025, the SBH Group continued to modernise its bus fleet with the latest Euro VI buses. As at 31 December 2025, the SBH Group had a fleet of 414 buses (2024: 409 buses).