Porto, May 14, 2025 (Lusa) - Sociedade de Transportes Coletivos do Porto (STCP), the company that operates Porto's public buses, had a net profit of €84,000 in 2024, after losses of €13,000 in 2023, despite income falling 0.5% last year, according to a a statement sent by the company to the media on Wednesday.
"The year ended with a positive net result (84,000 euros)," reads the statement, noting that this marked an improvement on the loss of €13,000 recorded in 2023.
As for recurring earnings before interest, taxes, depreciation and amortisation (EBITDA), this was positive at €3.6 million, down from the €7.8 million recorded in 2023.
Revenue fell to €70.9 million last year from €71.2 million in 2023, despite transport revenues increasing to €52.3 million from €51.6 million.
Expenses totalled €67.2 million, or €3.9 million more than in 2023, "mainly influenced by salary upgrades," according to the company. Personnel costs increased by 9.7%, to €40.6 million from €37 million, and fuel costs (gas, diesel and electricity) fell by around €1.4 million (13%) to €9.5 million, from €11 million.
Despite the overall increase in turnover, ticket revenue fell by 15%, to €34.9 million in 2024 from €40.9 million in 2023, which "results from the reduction in fares for various types of transport, but with a special focus on the free fare granted to all passengers under the age of 23," according to STCP's annual report.
"The reduction in ticket revenue, as expected, was balanced out by fare compensation of €17.4 million in 2024, +€6.6 million (+62%) than in 2023, already representing 33% of transport revenue in 2024," the report reads.
In the statement sent to the press, STCP also points out that the "fare adjustment, namely in electric car mode," helped to balance the accounts.
After receiving transfers from shareholders in 2021 and 2022 to balance the accounts, in 2024 STCP took on a negative capital flow "due to the additional return of PSOs" or Public Service Obligations totalling €14.2 million, the report states.
However, the final value of the obligations totalled €5.9 million, "made up of public service obligations and the aforementioned financial transfer" - that is, the return of funds to shareholders, which was a decrease of €6.6 million compared to 2023.
The company ended the year with 1,371 employees (excluding governing bodies, requisitioned staff and unpaid leave) for an average workforce of 1,340.
At the end of last year "73% of the bus fleet met the requirements of the Euro VI standard or was powered by electricity," it adds. "The electric fleet represented 15% of the total (68 vehicles), while 75% of the fleet operated on natural gas (332 vehicles)."
STCP transported 71.6 million passengers in 2024, 3.7% less than the 74.3 million transported in 2023, something the company attributes to the construction work to extend the Metro do Porto system.
STCP provides public road passenger transport in the Porto Metropolitan Area, on an exclusive basis within the boundaries of the municipality of Porto and on a general concession basis in neighbouring municipalities - Gondomar, Matosinhos, Maia, Valongo and Vila Nova de Gaia.
The municipality of Porto is the majority shareholder in the inter-municipal company (53.69%), with the remaining shares divided between the other five municipalities where STCP operates, with 12.04% of the capital belonging to Vila Nova de Gaia, 11.98% to Matosinhos, 9.61% to Maia, 7.28% to Gondomar and 5.40% to Valongo.
JE/ARO // ARO.
Lusa
