Bangkok Expressway and Metro Public Company Limited (SET: BEM) has announced 1Q24 consolidated financial statement through the Stock Exchange of Thailand as follows;
| Quarter | 1Q24 | 1Q23 |
| Net Profit (Loss)
Million Baht |
847.16 | 749.13 |
| Earning Per Share
(Baht) |
0.0600 | 0.0500 |
| % Change | 13.09 | |
BEM reported a net profit in 1Q24 of Baht 847 million, an increase of Baht 98 million or 13% from the same quarter of the previous year. The growth was attributable to an increase in revenues across all three businesses, including toll revenue, farebox and O&M revenues, and commercial development revenue.
Total service revenues from three main businesses was Baht 4,249 million, growing from the same quarter of the previous year by Baht 150 million or 4%. Meanwhile, the cost of services including selling and administrative expenses amounted to Baht 2,648 million, a slight increase of Baht 8 million or 0.3% from the same quarter of the previous year. In addition, finance costs were Baht 578 million, increasing by Baht 40 million or 7% from the same quarter of the previous year.
Rail business revenue was Baht 1,686 million, an increase of Baht 118 million or 8% from the same quarter of the previous year. In this regard, farebox revenue from the MRT Blue Line project increased by Baht 128 million or 14%. The growth was attributable to the continual growth in ridership volume and the positive impact from expanding of the rail network connecting across Bangkok Metropolitan. In this quarter, the average ridership volume was 430,900 trips per day and the average working day ridership volume was 482,600 trips per day, increasing by 13% and 12% from the same quarter of the previous year, respectively. Meanwhile, the O&M services revenue of the MRT Purple Line project decreased by Baht 10 million or 2%, mainly due to a reduction in the fuel tariff (Ft), leading to a decrease in the electricity cost used for train service operation, in accordance with the concession agreement.
The cost of rail business, consisting of farebox cost, O&M services cost, and amortisation on intangible assets under concession agreement, was Baht 1,495 million, a decrease of Baht 9 million or 1% from the same quarter of the previous year. The decrease was primarily due to a drop in the electricity cost following a reduction in the fuel tariff (Ft).
