Ho Chi Minh City Urban Railway One-Member Co., Ltd. (HURC1) has released its 2024 audited financial statements, revealing a revenue of over 11 billion VND from passenger transportation and service provision. The majority of this revenue, approximately 10.6 billion VND, was generated from passenger transportation, with the remaining coming from services.
This marks the first year of recorded revenue since the operation of the Ben Thanh – Suoi Tien Metro line.
During this period, HURC1 also earned interest income of over 9.3 billion VND from bank deposits.
On the expense side, operating costs, including cost of goods sold, totaled nearly 10.4 billion VND, while management expenses exceeded 20 billion VND, with salary and management personnel costs accounting for 19.3 billion VND. After accounting for these expenses, HURC1 posted a post-tax loss of nearly 10.1 billion VND.
This loss is the highest since the company’s establishment in 2019, and as of December 31, 2024, the accumulated loss has surpassed 35 billion VND.
HURC1’s total assets stand at 3,559 billion VND, mainly comprised of locomotives and coaches valued at over 1,824 billion VND. The remaining assets include workshop and depot systems, automatic fare collection (AFC) systems at 3 underground stations and 11 elevated stations, and platform screen doors (PSD).
The company also holds over 223 billion VND in bank deposits, primarily in 12-month fixed deposits.
During the year, HURC1 repaid 21 billion VND of advances, significantly reducing its payables.
HURC1 is the operator of the eponymous public transport line, also known as the Ben Thanh – Suoi Tien Metro. This enterprise is wholly owned by the Ho Chi Minh City People’s Committee.
Stretching over 20 kilometers, the Ben Thanh – Suoi Tien Metro connects the city center to the eastern gateway. It comprises three underground stations in District 1 and 11 elevated stations, mostly along Vo Nguyen Giap Boulevard in Thu Duc City. As Ho Chi Minh City’s first urban railway project, it entailed an investment of more than 43,700 billion VND and took 12 years to complete.
The metro line commenced operations on December 22, 2023, offering free rides for the first month. Consequently, the initial revenue was primarily derived from subsidies. According to the company, during the first 10 days of commercial operation, the line operated 1,982 train trips and transported over 1.1 million passengers. These figures exceeded the plan by more than 1% and 196%, respectively.
In 2025, the Ben Thanh – Suoi Tien Metro is expected to generate nearly 201.6 billion VND in fare revenue. HURC1 aims for a pre-tax profit of 20 million VND, despite anticipating an operating loss of around 26.36 billion VND. The company expects to offset this loss with financial income of approximately 26.38 billion VND.
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