Bangkok Expressway and Metro Public Company Limited (SET: BEM) reported a resilient second quarter for 2026, posting a net profit of THB 1,012 million, representing a 2% increase over the same period last year. While service revenues experienced a marginal dip of 0.4% to THB 3,982 million, the bottom line was bolstered by aggressive cost discipline and a surge in commuter rail activity.
Key Financial Highlights
- Net Profit: THB 1,012 million (+2% YoY)
- Total Revenue: THB 3,982 million (-0.4% YoY)
- Earnings Per Share (EPS): THB 0.07
The Rail Business emerged as the quarter’s growth engine, with revenue rising 3% to THB 1,672 million. Average daily ridership on the MRT Blue Line climbed to 393,900 trips, as its role as Bangkok’s ‘Circle Line’ continues to capture more transfer passengers from expanding transit networks.
In contrast, the Expressway Business saw a 1% revenue decline to THB 2,071 million, despite stable traffic of 1.08 million trips per day. High fuel costs and a slight slowdown in tourism pressured this segment. The Commercial Development unit faced the steepest challenge, with revenue plunging 18% to THB 239 million as the economic climate curbed corporate advertising spend.
The earnings beat was largely a story of operational efficiency. BEM successfully slashed selling and administrative expenses by 3% and reduced finance costs by 9% to THB 510 million. These gains offset a lack of one-time insurance compensation that had padded the previous year’s results.
BEM maintains a stable financial profile with a net interest-bearing debt-to-equity ratio of 2.29x, remaining safely below its 2.5x covenant. Management is currently focused on the MRT Orange Line, which is 37% complete and expected to begin East section operations in early 2028. Additionally, the procurement of 21 new trains for the Blue Line is 43% complete, positioning the company to capture future ridership surges.
