Since 1987, SMRT’s journey has mirrored Singapore’s development – from overcoming early challenges to embracing the technology-driven future. Our evolution reflects the nation’s progress and our shared pursuit of excellence.

"At SMRT, we are proud to connect communities and contribute to Singapore’s growth. From our beginnings as the nation’s first rail operator to becoming a globally recognised provider of mobility solutions, our story is a part of Singapore’s social fabric. It is a story shaped by perseverance, innovation and progress.

Our commitment to Kaizen — continuous improvement — drives innovation and fosters a happier and more resilient workplace. From navigating complex, multi-year, multi-rail renewal projects to keeping our trains moving and our city connected, the resilience, grit and unwavering dedication of our people exemplify our mission of Moving People, Enhancing Lifestyles,” said Mr. Seah Moon Ming, Chairman, SMRT Corporation.

“Together with our Union, staff, and leadership team, we remain steadfast in our mission to be a trusted steward of Singapore’s public transport system. We are heartened to be among the top 15% operators in the world in train reliability. Our priority is to continue to deliver safe, reliable, and seamless journeys for our commuters," said Mr. Ngien Hoon Ping, Group Chief Executive Officer, SMRT Corporation.

SMRT Trains - Key Financial Results

In FY 24/25, SMRT Trains recorded a revenue of $918.2 million, a 4% increase (or $31.5 million) compared to the previous year, driven by higher average fares and increased ridership. However, the revenue growth was negatively impacted by the revenue loss and associated costs arising from the East-West Line (EWL) disruption in late September 2024. These costs included the provision of free bridging bus services, as well as higher operating expenses for repairs and maintenance.

Despite the challenges, SMRT achieved over $165 million in ‘Kaizen’ savings through ground-up initiatives, where staff took personal ownership and proactively sought improvements, enhancing productivity and safety standards. This saving helped to ease the financial pressures faced by the public transport operator.

As a result, SMRT Trains posted Earnings Before Interest & Tax (EBIT) of $4.9 million in FY24/25, a 21% decrease from $6.2 million in FY23/24.

Overall, SMRT Trains’ Profit After Tax (PAT) for FY24/25 was $6.9 million, compared to $7.5 million in the previous year, representing an 8% decline.

Strengthening Direct Links With OEMs to Enhance Life Cycle Management

The long-term reliability of Singapore’s MRT system depends on rigorous planning and proactive life cycle management.

SMRT notes the Land Transport Authority’s (LTA) consideration of our representations in its decision on the financial penalty related to the 25 September 2024 EWL incident. As acknowledged by LTA, SMRT encountered unprecedented challenges in planning and executing the overhaul regime for the first-generation Kawasaki Heavy Industries (KHI) trains, particularly in sourcing spare parts.

The COVID-19 pandemic caused significant global supply chain disruptions, which delayed the replacement of the KHI trains with the new R151 trains. The deployment had originally been scheduled to begin in 2021. Had the replacement proceeded as planned, the September 2024 incident might have been avoided.

Nonetheless, SMRT remains fully committed to ensuring the safety and reliability of train services through close collaboration with stakeholders, including LTA and the Original Equipment Manufacturers (OEMs).

In partnership with OEM ALSTOM, and with the support of LTA, SMRT is accelerating the testing and commissioning of the R151 trains on the North-South and East-West Lines. This proactive approach allows potential reliability and interoperability issues to be resolved ahead of full deployment. We remain on track to retire all first-generation KHI trains by end-September 2025.

This direct, closed-loop engagement with OEMs enhances our understanding of system design and performance.

Moving forward, this collaborative model will be expanded across all SMRT lines to further strengthen the reliability and maintainability of Singapore’s rail network.

Reflections From the East-West Line Incident

The East-West Line incident in September 2024 has prompted deeper reflections on the lifecycle management of rail assets, and the challenges of operating rail assets beyond their intended design life.

MRT trains in Singapore are designed for an operational lifespan of 30 years. Beyond this period, continued use is contingent on technical evaluation and asset renewals. Working closely with the Land Transport Authority and other stakeholders as one transport family, SMRT undertakes such evaluations to ensure ongoing safety and service reliability. These efforts may include structural assessments and upgrades of critical components such as bogie frames, brakes, couplers, and axle bearings. For example, between 2015 and 2018, SMRT as the asset owner at the time, undertook a replacement of all bogie frames on the first-generation KHI trains following a comprehensive structural review.

Currently, before any new train enters passenger service, LTA issues a formal certificate to the train operator confirming that the trains are safe to use. Similarly, before a train exceeds its design life, a comparable certificate should be issued to affirm that the train meets updated safety and performance standards required for its continued operation beyond 30 years. There is a need for a structured framework to manage an ageing fleet, ensuring safety and reliability standards are not compromised.

During his 2025 Ministry of Transport’s Committee of Supply speech in Parliament, the then Minister for Transport, Mr. Chee Hong Tat, emphasised the importance of asset management in sustaining a reliable rail system. He announced that this strategic priority will now be supported with appropriate funding. This is a positive step in addressing the challenges Singapore faces in managing train fleet transitions. In line with this national direction, SMRT is working closely with LTA to enhance the lifecycle management of rail assets to ensure the safe and reliable operations of older trains for passenger service.

Good Today, Better Tomorrow - SMRT Kaizen Centre to Open in November 2025

Demonstrating our ongoing commitment to culture of continuous improvement, SMRT is pleased to announce the inauguration of the SMRT Kaizen Centre at our Bishan Depot, scheduled to open in November 2025. 

The Kaizen Centre will serve as a living chronicle of SMRT's transformation journey from February 2018 to the present, highlighting our structured and sustained efforts to improve MRT reliability, operational performance and workplace culture through Kaizen principles over the past seven years. More than a showcase, the centre will institutionalise Kaizen as a core DNA of SMRT. It will demonstrate how ground-up initiatives have helped us overcome complex challenges and drive better business outcomes. [Refer to Annex A for further details]

SMRT Trains Depot 4.0 - Setting New Standards for MRT Depots in Automation, Digitalisation and Application of AI

The SMRT Trains’ Depot 4.0 project at Bishan Depot (BSD) is a transformative initiative jointly undertaken by SMRT and CRRC Qingdao Sifang Co., Ltd (CRRC Sifang), with the endorsement of LTA. This landmark project marks a significant milestone in the evolution of Singapore’s oldest train depot into a modern, world-class smart train maintenance facility. Once implemented, the depot’s train overhaul capacity will double from two to four trains per month. At the same time, the maintenance staff will be upskilled to support increased productivity and adopt advanced maintenance practices.

Depot 4.0 will be officially launched in November this year and set a benchmark for the design of future depots and the modernisation of existing ones, ensuring Singapore’s rail infrastructure remains resilient and ready to meet growing demand. The data output from Depot 4.0, and all maintenance as well as condition monitoring data will be fed into JARVIS, an intelligent platform that harnesses data analytics and AI-powered chatbots to predict faults, optimise maintenance, and enhance the reliability of rail operations. [Refer to Annex A for further details]

SMRT Buses - Serving Singaporeans for 50 Years

SMRT Buses proudly celebrates 50 years of delivering safe, reliable, and accessible public transport, with its origins tracing back to the founding of Singapore Shuttle Bus (SSB) in 1975. Following its acquisition by Trans-Island Bus Services (TIBS) in 1987, it was rebranded as SMRT Buses in 2004. Today, SMRT Buses is one of the largest bus operators in Singapore, serving 75 routes across the northern and western regions of the island.

To deepen SMRT Buses’ capabilities in electric bus management, including scheduling, operations, fleet maintenance, infrastructure and safety, SMRT Buses signed a collaboration agreement with Shenzhen ZONA Transportation Group and Shenzhen Eastern Bus on 9 April 2025. This partnership will accelerate SMRT’s transition to sustainable, technology-enabled bus operations.

Augmenting Public Transport Through Integrated Mobility

In June 2025, Acting Minister for Transport, Mr Jeffrey Siow shared his vision to use AVs for short shuttle services in HDB estates such as Tengah, connecting residents to MRT stations and key amenities. This aligns closely with SMRT’s commitment to seamless first-and last-mile connectivity. SMRT believes that integrating transport systems, data, and partnerships is critical to realising this vision.

In 2021, SMRT partnered with industry leaders to launch on-demand autonomous shuttle and bus services at Science Park II. Through such initiatives, SMRT has actively advanced its expertise in autonomous vehicle (AV) technology and trained selected Bus Captains with AV operational skills.

In 2022, through its venture arm, Momentum Venture Capital, SMRT invested in WeRide, a China-based AV company listed on NASDAQ. This investment supports SMRT’s broader strategy to explore and implement AV shuttle services in Singapore.

SMRT looks forward to collaborating with MOT and LTA to roll out AV trials, contributing to a more connected and commuter-friendly transport network.

Strengthening Resilience: Making Inroads Into Engine B

Since the strategic restructuring in July 2024, the organisation has made significant progress in strengthening its twin-engine business model: Engine A and Engine B.

Engine A, which anchors SMRT’s regulated public transport businesses, has seen continued growth in SMRT Trains and SMRT Buses, reflecting our unwavering commitment to safe, reliable and commuter-centric operations. Engine B, which focuses on non-fare commercial ventures, has expanded its portfolio to enhance SMRT’s financial sustainability and resilience.

Over the past year, SMRT has further deepened its engineering capabilities and diversified its business portfolio across multiple domains:
 

• STRIDES Technologies (ST) was established to lead the transformation of modern railway systems, leveraging SMRT’s decades of expertise in engineering, operations, maintenance, and asset management. By integrating this expertise with advanced data analytics and artificial intelligence, ST delivers impactful outcomes for the railway industry. As the Group’s engineering hub for technology innovation and application, ST leads initiatives to reimagine maintenance practices, enhance workforce capabilities, and implement intelligent systems that ensure a safer, more efficient, and high-performing railway. This approach strengthens the resilience of SMRT Trains, accelerates innovation, and establishes critical rail expertise within Singapore to benefit the wider rail industry. ST is the incubator for Depot 4.0. Beyond Singapore, ST collaborates with operators and OEMs to scale next-generation rail solutions globally.
   
• STRIDES Premier has grown its client base to include OCBC, IHH Healthcare and Dynasty Travel. It also secured specialised vehicle maintenance contracts with Changi Airport Group, Civil Aviation Authority of Singapore, Ministry of Home Affairs and the Republic of Singapore Airforce. These wins position STRIDES Premier as a trusted, quality engineering service provider, value adding to critical Singapore organisations.
   
• STRIDES Holdings recently secured a six-year Elections Department contract and successfully supported GE 2025, earning positive accolades from Elections Department staff, as one of the best-conducted transport operations to date. Silveray (STRIDES Care) expanded transport services for NTUC Healthcare Centres and St Luke’s Eldercare.
   
• STELLAR360 is an innovative platform that leverages anonymised internal and third-party data to provide advertisers and retailers insights that unifies a consumer experience. These insights enable integrated, programmatic campaigns that engage commuters in more targeted and meaningful ways, enhancing both campaign effectiveness and commuter experience. STELLAR ACE, our advertising arm, is now Singapore’s largest outdoor advertising player, delivering impactful campaigns through enhanced digital and hybrid formats powered by smarter audience-targeting technology.

A dedicated leadership team drives these commercial efforts to ensure SMRT’s financial sustainability while upholding SMRT’s core mission of public service.

Connecting Nations: Our Role Beyond Singapore

The Johor Bahru-Singapore Rapid Transit System (RTS) Link project is progressing steadily. The overall project completion is at 58%. The installation of traction power, signalling, and communications systems are currently underway.

As the appointed RTS Link operator, RTS Operations (RTSO) focuses on operational readiness and on-time completion for a safe, efficient, and world-class commuting experience. Together with our partner Prasarana Malaysia Berhad, SMRT is committed to support RTSO in delivering a seamless, affordable and efficient transportation solution for cross-border commuters. [Refer to Annex A for further details]

Looking Ahead: A Commitment to Excellence

As we celebrate SMRT’s 38th anniversary alongside SG60, we honour the visionary leadership of our Founding Prime Minister Mr Lee Kuan Yew, who laid the foundations of our transport network. We also pay tribute to the generations of SMRT colleagues who have turned the vision into reality, track by track.

Guided by our unwavering commitment to connectivity, community service and our enduring Kaizen spirit of continuous improvement, SMRT remains a responsible and sustainable steward of Singapore’s public transport systems, working to enhance the city-state’s liveability, vibrancy and future-readiness of our nation.

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