Bangkok Expressway and Metro Public Company Limited (SET: BEM) reported a net profit of THB 1,134 million for the third quarter of 2026, representing a 5% year-over-year (YoY) increase from THB 1,079 million in 3Q25. Service revenues remained flat at THB 4,327 million, edging up 0.2% YoY from THB 4,319 million. Basic earnings per share (EPS) grew to THB 0.08, up from THB 0.07 in the prior-year period.
Key Financial Highlights
- Net Profit: THB 1,134 million (+5% YoY)
- Expressway Revenue: THB 2,245 million (+0.1% YoY)
- Rail Business Revenue: THB 1,796 million (+1% YoY)
- Net IBD/E Ratio: 2.24x (comfortably under the 2.5x covenant cap)
The Expressway business generated THB 2,245 million in revenue (+0.1% YoY), maintaining an average daily traffic volume of 1.11 million trips. Daily commuter flows to commercial hubs and traffic diversions caused by rapid transit construction projects offset the headwinds of fluctuating fuel prices and localized late-September flooding.
The Rail business posted a 1% YoY revenue increase to THB 1,796 million, buoyed by a 7% surge in operations and maintenance (O&M) service fees for the MRT Purple Line. Average working day ridership on the MRT Blue Line remained solid at 503,600 trips per day (average daily ridership reached 433,100 trips per day). Coupled with lower scheduled maintenance costs, Rail gross profit surged 34% YoY to THB 355 million. Conversely, Commercial Development revenue dropped 7% YoY to THB 286 million due to reduced corporate advertising spend.
Earnings expansion was anchored by cost optimization and financial engineering rather than volume spikes. Cost of services declined 1% YoY to THB 2,383 million, aided by lower scheduled maintenance expenses.
The primary bottom-line catalyst was a 10% reduction in finance costs to THB 507 million—a saving of THB 54 million resulting from active debt refinancing, declining market interest rates, and an optimized debt mix (57% fixed, 43% floating). Other income rose 3% YoY to THB 239 million, boosted by unrecognized balances on prepaid cards.
BEM maintained a robust balance sheet, ending 3Q26 with THB 38,383 million in shareholders’ equity and a Net Interest-Bearing Debt to Equity (Net IBD/E) ratio of 2.24x, remaining well within its 2.5x loan covenant limit. Total debt ratios (D/E at 2.56x) eased quarter-over-quarter following routine debt repayments.
Strategic growth remains focused on transit expansion. Overall construction and system works for the MRT Orange Line project reached 43% completion, with the East section scheduled for commercial operation in early 2028 and the West section in 2030. Additionally, BEM’s THB 7.2 billion procurement of 21 new rolling stock trains for the Blue Line is 47% complete, setting the stage for operational integration by 2028.
