Mien Tay bus station sets record revenue

In the first quarter of the year, Mien Tay Bus Station had nearly 39 billion in revenue, the highest level since listing, and a profit of more than 19 billion, the second highest in history.

According to the newly released financial report, Western Bus Station Joint Stock Company (WCS) had a revenue of nearly 39 billion VND, up 14% over the same period. The reason is that the first quarter of the year falls during the peak of Tet, so the number of vehicles and passengers both increased, helping the bus station increase service fees. In addition, the company also adjusted the prices of parking and shuttle services, which also helped increase revenue.

Revenue from financial activities and other income reached nearly 4.3 billion VND, up 23%. This part came from the increase in the number of passengers passing through the station, so other service business activities also increased and the company had additional profit from long-term savings.

After deducting expenses, WCS's after-tax profit was about VND19.3 billion, up 21% over the same period. Since its listing in 2010, this is the quarter with the record revenue for Mien Tay Bus Station and the second highest profit, only after the fourth quarter of 2014.

With the above business results, WCS has had 10 consecutive quarters of growth. Last year, Ho Chi Minh City banned sleeper buses from entering the inner city, helping Mien Tay Bus Station's revenue increase to VND140 billion in 2023, a record since the information was announced. After-tax profit increased by nearly 75% to about VND66.5 billion, the highest level in the past four years.

This year, the management board determined that the economic situation is subject to many complex and unpredictable impacts, which will affect business operations. Based on this scenario, Mien Tay Bus Station plans to welcome more than 9.4 million departing passengers and nearly 449,000 vehicle trips. Accordingly, revenue is expected to reach more than VND 160.5 billion and after-tax profit of more than VND 68.8 billion. All targets are slightly higher than in 2023 but are record levels in the history of operations.

The favorable business situation has helped shareholders of Mien Tay Bus Station receive a cash dividend of 160%, meaning each share will receive 16,000 VND. This level is higher than the plan and a significant increase compared to the 20% level of the previous three years. Shareholders were just paid an advance of 144% at the end of March and will receive the full amount by the end of June.

Siddhartha

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