BEM Posts Record Q3 Profit of 1.13 Billion Baht
Bangkok Expressway and Metro (BEM) posted a third-quarter net profit of 1.134 billion baht, a 10-year high for the period, lifting nine-month earnings to 3.02 billion baht. Revenue held steady at 4.33 billion baht, supported by stable expressway traffic averaging 1.11 million trips daily and rail ridership of 433,000 daily trips. The company reduced financial costs by 10% through proactive debt management, and Fitch Ratings affirmed its 'A(tha)' credit rating with a stable outlook.
BEM delivered a strong performance in the third quarter of 2026, posting a record net profit of 1.134 billion baht, a 5% increase of 55 million baht compared to the same period last year. This marks the highest Q3 profit in a decade for BEM. Total service revenue reached 4.327 billion baht, nearly unchanged from the previous year, reflecting the resilience of its core expressway and rail businesses despite economic challenges, rising energy costs, and heavy flooding across Bangkok late in the quarter.
Bangkok and its surrounding provinces remain the country's economic hub with continued expansion. Traffic volumes on both expressways and mass transit systems continue to grow, particularly on weekdays, while weekend travel receives additional support from tourism and consumer spending spurred by government stimulus measures. These factors underpin sustained growth in traffic on BEM-managed infrastructure.
The expressway business remains the primary cash generator, contributing 2.245 billion baht in toll revenue with an average of 1.11 million trips per day, driven by commuting, education, government offices, and commercial centers in the metropolitan area. The rail business generated 1.796 billion baht in revenue, serving an average of 433,100 trips daily, rising to 503,600 on weekdays, underscoring the critical role of BEM's network in supporting Greater Bangkok's mobility.
BEM also demonstrated cost management efficiency, notably through proactive debt management that slashed financial costs by 10% from 561 million baht to 507 million baht in the quarter. This helped lift nine-month net profit to 3.02 billion baht, a 3% year-on-year increase.
Meanwhile, Fitch Ratings maintained BEM's corporate credit rating and assigned an 'A(tha)' rating to its new debenture issuance with a Stable outlook, signaling confidence in the company's business prospects and cash flow generation. The agency expects the rail business to become a significant future growth driver, backed by the mature expressway business as a stable revenue base.
BEM remains focused on prudent capital structure, liquidity, and financial cost management, alongside operational improvements, transport network development, and continuous service quality enhancement to create sustainable long-term growth opportunities.
