Bangkok Expressway and Metro Public Company Limited (SET: BEM) has announced its 3Q23 consolidated financial statement through the Stock Exchange of Thailand as follows;
| Quarter | 3Q23 | 3Q22 |
| Net Profit (Loss) Million Baht |
969.87 | 862.79 |
| Earning Per Share (Baht) |
0.0600 | 0.0600 |
| % Change | 12.41 | |
| 9 Months | 2023 | 2022 |
| Net Profit (Loss) Million Baht |
2,619.71 | 1,833.00 |
| Earning Per Share (Baht) | 0.17 | 0.12 |
| % Change | 42.92 | |
BEM reported a net profit of Baht 970 Million in 3Q23, increased 12.41% from a net profit of Baht 862 Million in 3Q22. The increase was mainly due to an increase in revenues from all three businesses, consisting of revenue from expressway, revenue from rail business and revenue from commercial development, related to higher numbers of the service users.
BEM recorded service revenues of Baht 4,182 Million in 3Q23, representing an increase from the same quarter of the previous year by Baht 443 Million or 12%.
BEM stated that expressway business revenue was at Baht 2,252 Million, representing an increase from the same quarter of the previous year by Baht 106 Million or 5%, due to an increase in the traffic volume of all expressway sectors. The average traffic volume for this quarter was at 1.11 Million trips per day, representing an increase from the same quarter of the previous year by 4%.
The Si Rat Expressway Sector B and Sector D, where the routes linked to Suvarnabhumi Airport, have higher growth than other routes because the tourism sector gradually recovered. Moreover, the Si RatOuter Ring Road Expressway (the Prachim Ratthaya Expressway) continued to experience a robust growth rate as well.
Meanwhile, the rail business revenue was at Baht 1,651 Million, representing an increase from the same quarter of the previous year by Baht 300 Million or 22%. Farebox revenue from the MRT Blue Line project increased by Baht 243 Million or 31% due to the ongoing recovery of the economy and tourism sector and passengers feeder from the MRT Yellow Line to the MRT Blue Line at Lat Phrao Station. The average ridership for this quarter was at 410,590 trips per day and the average working day ridership was at 474,260 trips per day, representing an increase from the 3rd quarter of the year 2022 by 31% and 29%, respectively. The new high passengers were 526,900 trips on August 25, 2023. The revenue from O&M services of the MRT Purple Line project increased by Baht 57 Million or 10% in accordance with the Concession Agreement.
Lastly, the commercial development business revenue was at Baht 279 Million, representing an increase from the same quarter of the previous year by Baht 37 Million or 15%, mainly from an increase in advertising and Metro Mall rental revenues. Cost of commercial development business was at Baht 110 Million representing an increase from the same quarter of the previous year by Baht 29 Million or 36% due to increased electricity rate, increased property tax from the appraised value of land and buildings, and depreciation of the investment on improving commercial areas in the stations.
Cost of services was at Baht 2,391 Million, representing an increase from the same quarter of the previous year by Baht 297 Million or 14% mainly due to rescheduling in maintenance plan and increase in electricity rate. Selling and administrative expenses were at Baht 297 Million, representing an increase from the same quarter of the previous year by Baht 15 Million or 5% from selling expenses related to commercial development which was consistent with the increased revenue.
