Perak Transit (PTRANS) Q1 FY2025: Navigating Growth and Diversification
Perak Transit Berhad (PTRANS) has just unveiled its unaudited consolidated results for the first quarter ended 31 March 2025 (Q1 FY2025), and it’s a report that paints a picture of resilient growth amidst evolving market dynamics. As a prominent player in Malaysia’s public transportation and terminal management landscape, PTRANS’s performance offers Malaysian retail investors a closer look into its strategic direction and operational strengths.
This quarter, PTRANS reported a notable increase in both revenue and profit before tax, signaling a strong start to the financial year. The impressive 16.75% growth in profit before tax and a consistent dividend payout are key highlights from this latest report.
Let’s dive into the details to understand what’s driving PTRANS’s performance and what the future holds for the Group.
Unpacking the Financial Performance: A Strong Start to FY2025
PTRANS kicked off the financial year with solid growth across its top and bottom lines. The Group’s revenue and profit before tax saw significant improvements when compared to the same period last year, largely propelled by its integrated public transportation terminal operations.
Key Financial Figures (Q1 FY2025 vs. Q1 FY2024)
Revenue
RM48,349k
vs RM44,613k (Q1 FY2024)
Growth: +RM3,736k (+8.37%)
Profit Before Tax
RM25,114k
vs RM21,510k (Q1 FY2024)
Growth: +RM3,604k (+16.75%)
Profit After Tax
RM19,764k
vs RM17,683k (Q1 FY2024)
Growth: +RM2,081k (+11.77%)
Basic Earnings Per Share
1.78 Sen
vs 1.61 Sen (Q1 FY2024)
Growth: +0.17 Sen (+10.56%)
The robust increase in revenue and profit before tax for the current quarter is primarily attributed to higher contributions from the Group’s integrated public transportation terminal operations, which continue to be a cornerstone of its business.
Segmental Performance Breakdown
A closer look at each business segment reveals the varied contributions to the Group’s overall performance:
| Segment | Q1 FY2025 (RM’000) | Q1 FY2024 (RM’000) | Change (RM’000) | Change (%) | Key Drivers / Reasons |
|---|---|---|---|---|---|
| Integrated Public Transportation Terminal Operations | 33,529 | 28,991 | +4,538 | +15.65% | Commencement of Bidor Sentral operations, higher rental income, increased revenue sharing from tenants. |
| Bus Operations | 6,451 | 6,633 | (182) | -2.74% | Slight decrease mainly due to lower contributions from the Stage Bus Service Transformation programme. |
| Petrol Station Operations | 8,359 | 8,219 | +140 | +1.70% | Slight increase attributed to higher fuel prices, particularly diesel, during the quarter. |
| Telecommunication Tower Construction Operations | 10 | 770 | (760) | -98.70% | Significant decrease due to no new telecommunication tower construction sites being secured in the current quarter. |
The stellar performance of the integrated public transportation terminal operations segment, driven by new additions like Bidor Sentral and increased tenant contributions, clearly offset the declines seen in the bus and telecommunication tower segments.
Financial Health and Cash Flow
From a balance sheet perspective, PTRANS’s total assets slightly increased to RM1,658,659k as of 31 March 2025, from RM1,655,365k at the end of FY2024. Encouragingly, total liabilities saw a decrease, moving from RM901,999k to RM889,100k, indicating a healthier debt management. This is reflected in the Group’s net assets per ordinary share, which improved to RM0.6926 from RM0.6840.
Cash flow from operating activities remained strong, generating RM24,357k in Q1 FY2025, an increase from RM21,858k in the same period last year. While there was a higher cash outflow for investing activities (primarily property, plant, and equipment purchases), the net decrease in cash and cash equivalents was less pronounced compared to the prior year, suggesting improved overall cash management.
Strategic Outlook: Expansion, Diversification, and Sustainability
PTRANS’s report not only highlights past performance but also lays out a clear strategic path forward, focusing on expanding its core businesses, diversifying revenue streams, and embracing sustainability.
Driving Growth in Integrated Public Transportation Terminals
- Kampar Putra Sentral: The Group is optimistic about increasing footfall and passenger numbers, supported by newly secured tenancies (including F&B, entertainment, and retail) and the implementation of its in-house PTRANS Terminal Management System (PTMS) to enhance passenger experience.
- Bidor Sentral: Having commenced operations in September 2024, Bidor Sentral is expected to positively contribute to earnings. Its strategic location and anchor tenants like TF Value-Mart Sdn Bhd are key to attracting more visitors. The investment tax allowance granted by the Ministry of Finance further enhances its profitability potential.
- Asset-Light Expansion: PTRANS is actively pursuing third-party terminal management opportunities. A significant development is the Memorandum of Understanding (MOU) with Majlis Perbandaran Kangar (MPKangar) to manage Terminal Perlis Sentral for a 15-year period, leveraging PTRANS’s expertise without significant capital outlay. Operations at Terminal Perlis Sentral already commenced on 24 March 2025.
Diversifying Revenue Streams
Beyond its core terminal and bus operations, PTRANS has diversified into telecommunication tower construction. While this segment saw a dip in Q1 FY2025 due to a lack of new projects, the Group has completed all eleven previously secured towers and is actively seeking more projects to bolster this revenue stream.
Embracing Sustainability (ESG Initiatives)
In line with its ESG transformation blueprint, PTRANS has made significant strides in adopting green energy. The installation of solar photovoltaic (Solar PV) systems at Terminal Meru Raya, Kampar Putra Sentral, and all petrol stations is complete, demonstrating the Group’s commitment to reducing its carbon footprint and achieving future energy cost savings. Furthermore, PTRANS is finalizing the acquisition of electric buses and installing electric vehicle charging stations, signaling a move towards modernizing urban transportation services with greener solutions.
Summary and
Perak Transit Berhad’s Q1 FY2025 results demonstrate a commendable operational performance, marked by strong revenue and profit growth driven primarily by its integrated public transportation terminal segment. The Group’s strategic initiatives in expanding its terminal network, diversifying its income streams, and embracing ESG principles position it for continued development.
The commencement of operations at Bidor Sentral and the new management concession for Terminal Perlis Sentral are significant milestones that underscore PTRANS’s proactive approach to growth. While some segments like telecommunication tower construction faced temporary headwinds, the overall strategic direction appears robust, focusing on asset-light expansion and sustainable practices.
Key considerations for investors:
- Dependence on Terminal Operations: While a strength, continued growth relies heavily on increasing footfall and securing new tenants for its terminals.
- Diversification Challenges: The telecommunication tower segment’s sharp decline highlights the need for PTRANS to consistently secure new projects to make this a reliable revenue stream.
- Bus Operations Performance: The slight decrease in bus operations revenue, particularly from the Stage Bus Service Transformation programme, warrants attention to ensure this segment remains a stable contributor.
- Debt Management: Although total liabilities decreased, the Group still carries substantial borrowings. Monitoring its debt servicing capabilities and financial leverage will be crucial.
- Execution of New Initiatives: The successful integration of new terminals (like Terminal Perlis Sentral) and the rollout of electric buses and EV charging stations will be key to realizing future growth and cost savings.
PTRANS has clearly demonstrated its adaptability and commitment to growth in a dynamic market. The strategic focus on expanding its terminal footprint, diversifying its business model, and embedding sustainability into its operations reflects a forward-thinking approach.
Do you think PTRANS can maintain this growth momentum in the coming quarters, especially with its new terminal ventures and green initiatives taking shape? Share your thoughts in the comments below!
