ComfortDelGro has reported patmi of $40.5 million for the 1QFY2026 ended March 31, 16.14% lower y-o-y, amid a “challenging start” to 2026.
Revenue, however, was up by 5.13% y-o-y to $1.23 billion driven by long-term contracts from the group’s public transport segment, offset by “challenges” from its taxi/private-hire vehicle (PHV) arm. Revenue from the group’s overseas markets made up 52.6% of the total sum.
During the quarter, CDG’s public transport business reported revenue of $814.5 million, 7.2% higher y-o-y. Operating profit rose by 2.7% y-o-y to $37.7 million thanks to fare incrases and higher rail ridership in Singapore, the renewal of the UK Metroline London public bus contracts at improved margins, as well as reimbursements from Metroline Manchester in 1QFY2025. The group’s Australia performance was “broadly stable”.
Revenue for the taxi/PHV segment fell by 7.13% y-o-y to $239.7 million as CDG’s taxi fleet size fell, in tandem with the overall fleet size in Singapore. The group’s Australian network also contracted from competition and cautious consumer spending while its UK trip volumes were impacted by fewer airport transfers due to the Middle East conflict. Operating profit for this segment plunged 46.73% y-o-y to $17.1 million.
Other private transport, which includes private bus, non-emergency patient transport (NEPT) and corporate vehicle leasing, saw revenue increase by 15.18% y-o-y to $108.5 million. However, the segment reported an operating loss of $0.9 million from an operating profit of $0.7 million, due to lower disruption job volumes for CMAC in the UK and the European Union (EU), as well as inflationary cost pressures in non-emergency patient transport (NEPT) in Australia.
Inspection & testing services reported revenue of $36.7 million, 11.89% higher y-o-y, while operating profit was up by 34.44% y-o-y to $12.1 million thanks to on-board unit (OBU) installations for the second iteration of the Electronic Road Pricing (ERP) system.
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Other segments, which includes CDG’s driving centre, bus station, insurance, media, logistics, electric vehicle (EV) charging and corporate overheads, reported revenue of $28.4 million, 15.92% higher y-o-y, while operating profit fell by 83.33% y-o-y to $0.5 million. The figures factor in business development costs for overseas rail tenders, as well as the bus advertising concession fees introduced as part of the new single operator contract to manage advertising spaces across Singapore’s public bus network.
In its update, the group says it is looking to shift from a taxi-led operator to a “hybrid fleet-and-platform model”, building autonomous vehicle (AV) capabilities. Among its initiatives, the group is looking to strengthen its fleet operations, enhance its platform capabilities and scale enterprise mobility.
It is also seeking to rebalance its customer segment mix into four key areas: the business-to-business (B2B)/premium segment, specialised transport, business-to-consumer (B2C) mass market and global corporate & airport transfers.
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CDG is also seeking to build and scale AV ecosystems globally by integrating AV technologies across real-world transport networks.
As at end-March, the group says its “healthy balance sheet and strong operating cashflows” makes it “well positioned” for building future capabilities. Cash and cash equivalents stood at $929.2 million at the same date.
Shares in CDG closed 2 cents lower or 1.39% down at $1.42 on May 13.
