SBS Transit would have made losses of S$29.81 million for FY2020 if not for over a hundred million in government grants received.
Yet, the company has seen it fit to pay shareholders a dividend of 6.30 cents – up from the final divided of 5.90 cents paid in the previous financial year.
The move has rankled Singaporeans.
Some have complained that the payout smacks of “socialising costs while privatising profit”.
Said Freddy Oh:
“The company turned a profit because of taxpayers’ money. How can it pay its own shareholders dividends? Shouldn’t something go back to us taxpayers?”
Pamela Li said:
“When times are good, they raise fares and earn profits for their “own people”. When times are bad, they take our money and earn profits again for their “own people”. How can?”
SBS Transit posted a full-year net profit of S$78.96 million.
This, after the company received S$109.8 million in government grants, mainly from the wage subsidy for the Jobs Support Scheme.