The Yangon Urban Public Transportation Public Company Limited (YUPT) reported a profit of over MMK 2.633 billion in the 2023-2024 fiscal year, although dividends for shareholders may not be distributed for about another three years, according to YUPT Chairman U Aung Win.

He shared this update during YUPT’s Special General Meeting and the fifth Annual General Meeting, held on October 24 at the Sky Star Hotel in Yangon.

YUPT, founded seven years ago, experienced consecutive losses initially, but managed to generate its first profits in the 2023-2024 fiscal year. U Aung Win expressed optimism about future profits, stating that YUPT expects no further losses and aims to generate annual profits moving forward. However, he clarified that according to the auditors’ recommendations, past losses totaling over MMK 28 billion still need to be addressed before shareholder dividends can be distributed. He estimated that, if all goes as planned, dividends may be available in about three to four years once these losses are covered.

Additionally, he mentioned that YUPT has successfully repaid a loan from AYA Bank, which was used to purchase 200 Foton buses, with MMK 4.847 billion in principal and MMK 2.768 billion in interest, totaling MMK 7.615 billion.

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