Bus operators report higher 2025 profits on record ridership

Macau’s two main bus operators recorded improved financial performance in 2025, supported by record passenger demand and lower fuel costs, with combined net profit exceeding MOP97.1 million.

Results published in the Official Gazette show that Transportes Urbanos de Macau (Transmac) and Sociedade de Transportes Colectivos de Macau (TCM) both posted stronger earnings compared with the previous year.

TCM, which is controlled by Nam Kwong (Group) Co, reported net profit of MOP49.25 million, up 6.6% year-on-year and its highest result since 2020. The company said higher operational efficiency and better cost control, together with easing fuel prices, supported performance.

Transmac reported net profit of MOP47.85 million, a 17.6% increase and its strongest result in at least nine years. The company said revenue growth was modest at 1.5%, with profitability mainly driven by cost management and lower fuel expenses.

However, Transmac passenger trips fell 1.5% to about 107 million, averaging 293,000 daily rides. The company attributed the decline partly to competition from the city’s Light Rapid Transit (LRT), particularly the Seac Pai Van and Hengqin routes.

TCM, by contrast, reported a record 125 million passenger trips, up around 5% year-on-year. The Transport Bureau said total bus ridership across Macau reached more than 231 million trips in 2025, a daily average of about 636,000, also a record high.

Both operators said they continued to optimize route networks and improve resource allocation during the year.

Meanwhile, Transmac warned that 2026 could present challenges due to global economic uncertainty and potential fuel price volatility, adding that it would continue balancing service improvements with tighter cost control.

The current concession agreements for both operators, signed in 2020 and effective from 2021, are set to expire at the end of this year. Under the agreements, the government provides over MOP300 million annually in subsidies to support concessionary fares and performance-linked service incentives.