HCMC bus station posts biggest-ever revenue

By Tat Dat October 21, 2023 | 08:08 pm PT

The West Bus Station in HCMC. Photo courtesy of WCS

The West Bus Station, one of Ho Chi Minh City’s biggest bus stations, posted revenues of VND36.8 billion (US$1.5 million) in Q2, a year-on-year increase of 36% as fees and income from passenger services surged.

West Coach Station JSC (WCS), which operates the station, said its revenue from financial activities increased by some 50% because its long-term deposits at banks enjoyed high interest rates.

WCS has nearly VND240 billion in deposits, bringing in more than VND3 billion in interest in the third quarter.

The company’s after-tax profit was nearly VND19 billion, the highest level since the fourth quarter of 2014.

WCS continued its positive growth streak in both revenue and profit for two consecutive years.

The company made an after-tax profit of VND51 billion on a revenue of VND105 billion in the first nine months of this year, seeing respective year-on-year increases of 100% and 61%.

This year WCS expects to handle 8.8 million passengers, almost one-third more than last year. Meanwhile, the number of rides will increase to 360,000.

WCS plans to pay dividends of at least 20%, the rate it has maintained since 2020. It used to be known for its high cash dividends, including 400% in 2018 and just over 500% in 2019.

WCS closed at VND171,000 last Friday, among the highest price of any stock, and down 10% against the peak in late June.