Sombat Kitjalaksana, Managing Director of Bangkok Expressway and Metro Public Company Limited (SET: BEM), revealed the 3Q25 (July–September 2025) earnings outlook, expressing confidence that BEM’s profit will reach a new high once again, surpassing its 3Q24 net profit of THB 1,067 million, with further annual increases expected.
Currently, the expressway business serves over 1.1 million vehicles per working day on average, which remains the company’s primary, stable source of revenue, profit, and strong cash flow.
For the Blue Line metro business, daily average ridership now exceeds 520,000 on working days, making it the only line to have continuously increased passenger numbers. Current ridership is higher than pre-COVID-19 levels (2019), thanks to its status as a city circle line connecting all other lines and serving areas with significant developments, such as Queen Sirikit National Convention Center, One Bangkok, and Dusit Central Park.
In two years, after the Orange Line (east section: Thailand Cultural Centre–Min Buri/Suwinthawong) commences operation, Blue Line’s daily ridership is expected to rise to 650,000, for which BEM has already ordered 21 additional trains.
The commercial development revenue, which currently totals about THB 1.2 billion per year, is projected to grow by more than 20%, in line with rising passenger numbers. This demonstrates that the rail business enjoys high, sustained, and stable growth prospects over the long term, with more than 25 years remaining under the concession.
Additionally, BEM earns over THB 2.2 billion annually from operating and maintaining (O&M) services for the Purple Line (Tao Poon–Khlong Bang Phai), as well as future revenue from the east section of the Orange Line opening at the end of 2027, and the full Orange Line (Bang Khun Non–Min Buri/Suwinthawong) set for operation in 2030.
BEM is also in the process of extending the Second Stage Expressway and Bang Pa-in–Pak Kret Expressway concessions to support the “Double Deck” elevated expressway project (Ngamwongwan–Rama IX) and reduce urban expressway tolls for Stage 1 and Stage 2 (Ngamwongwan–Rama IX) to no more than THB 50 (formerly THB 90).
The proposal is now clear and undergoing Cabinet review for approval per the Public-Private Partnership Act B.E. 2562. Contract signing with the Expressway Authority of Thailand (EXAT) is expected by December 2025. Sombat affirmed that the toll reduction will not affect BEM’s income under the original contract terms, as the revenue share from urban toll fees will be adjusted to compensate BEM—from EXAT:BEM at 60:40, changing to 50:50.
The Double Deck investment of over THB 35 billion, aimed at alleviating traffic congestion, will be exchanged for an extension of the Stage 1 and Stage 2 concessions by another 22 years and 5 months. Once the Double Deck is operational, expressway traffic congestion should ease, user numbers are expected to rise by about 10–15%, and BEM will benefit from a higher-quality, longer-term concession.
Sombat added that BEM maintains a long-term national credit rating of A(tha) with a “Stable” outlook from Fitch Ratings, reflecting BEM’s strength and capability, given its secure long-term concessions that drive consistent revenue and profit growth.
Although BEM is investing in the Orange Line and Double Deck projects, Fitch regards these as vital, supporting long-term growth, enabling BEM to manage investment from rising revenues. Financial costs, including both bank loans and bonds, are expected to decline significantly starting in 2026.
BEM also has further growth opportunities from future projects, such as the southern section of the Purple Line (Tao Poon–Rat Burana/Ring Road Kanchanaphisek). Currently, the Mass Rapid Transit Authority of Thailand (MRTA) has hired BEM to operate the northern section, and the government is expected to approve in early 2026 for MRTA to negotiate with BEM for the southern section, to align with its construction completion in the next three years. BEM is also interested in bidding for intercity motorway projects M5 (elevated extension, Rangsit–Bang Pa-in) and M9 (Outer Ring Road elevated expressway, Bang Khun Thian–Bang Bua Thong).
