At the 2025 Annual General Meeting of Transport International Holdings Limited (“TIH”) held today (15 May 2025), the Group’s Chairman, Dr. Norman Leung Nai Pang, reported the financial results for 2024. For the year ended 31 December 2024, the Group’s underlying profit attributable to equity shareholders 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 in 2023. Underlying earnings per share was HK$0.53, compared to HK$0.24 in 2023.
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.
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, whereas the total dividend amounted to HK$0.80 per share last year. In addition, the Group will provide shareholders with a scrip dividend option for the final dividend. For details, please refer to the circular announced by the Group.
In 2024, The Kowloon Motor Bus Company (1933) Limited (“KMB”) recorded a profit after taxation of HK$126.8 million (2023: HK$11.5 million). As for Long Win Bus Company Limited (“LWB”), the profit after taxation was HK$41.7 million (2023: HK$23.1 million).
The Group’s non-franchised Transport Operations Division, with Sun Bus Limited as its flagship company, recorded a profit after taxation of HK$20.6 million (2023: HK$13.9 million). Our Mainland Transport Operations Division recorded positive overall results in 2024.
The Group’s Property Holdings and Development Division reported a profit after taxation of HK$60.1 million (excluding the effect of the change in fair value of investment properties and investment property under development) for 2024, compared to the profit after taxation of HK$46.6 million (excluding the effect of the change in fair value of investment properties and investment property under development) for 2023.
Faced with uncertainties in the global and local economies, the society is striving for advancement and evolution, and economic activities are shifting towards innovation and diversification. Residents’ travelling patterns have changed, with more frequent daily commutes between Hong Kong and the Mainland. These have brought both challenges and opportunities to the Group.
Last year saw an upward trend in visitor arrivals. The Group endeavoured to innovate by launching the “Tourist Day Pass”. With the Pass, tourists could take unlimited trips on KMB and LWB routes within 24 hours, visiting Hong Kong in a more convenient and cost-effective way. Meanwhile, KMB has launched the “Tour @Kowloon” Recreation Route, taking visitors to several famous sightseeing spots and unique attractions, allowing them to experience the charm of Hong Kong with convenient transportation services. KMB and LWB have also grasped the opportunity to strengthen each boundary route’s service, continuing to provide and extend relevant routes’ interchange fare concessions, which attracted passengers to utilise bus services to travel between the two regions at different times.
TIH relentlessly strives to expand its service network, enhancing the route interchange combinations at 31 Bus-Bus Interchanges, and seeking to launch routes in new development areas. Among these, KMB was granted four new route franchises for the Anderson Road Quarry and introduced multiple bus routes in the new residential areas in Tai Po and Tuen Mun, broadening the scope of bus services for passengers.
The Group has launched a new type of service, pioneering the KMB 'Pet Bus Tour', which has opened up bus services for pets. This meets the transportation needs of pet owners travelling with their pets and has successfully raised societal awareness on how to enhance pet-friendly culture.
The Group upholds the aim to developing green transport, with KMB’s second type of electric double-deckers put into service since May last year, further expanding KMB’s electric bus fleet. Now operating on 40 KMB routes, KMB’s electric bus fleet has travelled five million kilometres in total, equivalent to a carbon emission reduction of 8,000 tonnes, thus making a substantial contribution to reducing carbon emissions. In line with the expansion of the electric bus fleet, KMB Academy has rolled out two electric vehicle maintenance programmes accredited by the Electrical and Mechanical Services Department. These training programmes were designed not only for KMB’s maintenance personnel but also for other industry professionals seeking to acquire expertise in electric vehicle maintenance, facilitating industry-wide transition towards greener urban mobility.
The Northern Metropolis is one of the key development areas in Hong Kong, with 60,000 residential units to be completed in the next five years. The Group will endeavour to provide services in the new development area and leverage the strategic cooperation with Shenzhen Bus Group Company Limited to seize the opportunities presented by the integrated development of the Greater Bay Area, promoting cross-border transportation connectivity.
Dr. Leung concluded, “The past year has been a year of challenges and opportunities for the community as it seeks to define its direction for development in various areas. Thanks to the support and affection of the citizens, employees, government officials, and business partners, the Group will endeavour to drive long-term development, maintain a consistent focus on core business growth, and maximise its development in a controlled environment, so as to bring value and sustainable returns to shareholders, and create positive value for society. I would like to express my heartfelt gratitude to the Board of Directors, every staff member of the Group, bus suppliers, and all our customers for their continued support.”
