Yangon Urban Public Transport company limited (YUPT) has earned more than 2.633 billion kyats in 2023-2024 FY and will be able to pay dividends to shareholders only in the next three years, said U Aung Win, Chairman of the YUPT.

The above was said at the Special General Meeting and Fifth Annual General Meeting of the YUPT held at Sky Star Hotel in Yangon on October 24.

U Aung Win said that YUPT has been making losses for seven years since its establishment, but it started making profits in the 2023-2024 FY and will continue to make profits in the following years.

“Our company, YUPT, has suffered continuous losses for seven years since its inception. However, after our team took over, it has started to make a profit in this fiscal year. We have started to make a profit of 2.63 billion kyats. Our company will never have a loss start from now. Every year, we will make a profit. However, when it comes to shareholder profits, it is still not possible to distribute all these profits. According to the auditor's recommendation, the loss in the previous three years is more than 28 billion. The profit in this fiscal year is more than 2.6 billion kyats, so if the profit is deducted, there is still more than 25 million kyats for the loss. Therefore, after we cover the loss, the dividends can be made in another three or four years,” said U Aung Win.

In addition, he added that the company was able to pay 4.847 billion kyats of principal and 2.768 billion kyats of interest, totaling 7.615 billion kyats, for a loan of 200 Foton buses to AYA Bank.

The company was established as a public company on February 10, 2017.