ComfortDelGro (CDG) has reported higher earnings for 1QFY2025 ended March 31, up 19% y-oy to $48.3 million.
The transport operator’s revenue for 1QFY2025 came in 16.4% higher y-o-y to $$1.17 billion, and operating profit grew 45.5% y-o-y to $81.5 million.
This was mainly due to the UKLondon Public Transport contract renewals at improved margins; new Manchester Public Transport contracts from January 2025; Singapore cost control and internal efficiencies across segments; and A2B and Addison Lee acquired in April 2024 and Nov 2024 respectively.
This is ComfortDelGro’s eighth consecutive quarter of improvement, according to the company.
The group reported an increase in total assets by 3.7% q-o-q to $5.93 billion as at end March due to the purchase of a bus fleet for Metroline Manchester contract.
Total liabilities as at end March also grew 5.3% q-o-q to $2.84 billion due to increased borrowings to fund Metroline Manchester fleet purchase.
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As at end March, total equity grew 2.2% q-o-q to $3.1 billion due to profit for the period and FX reserve movements.
Cash and cash equivalents as at the end of the operating period came in at $896.1 million, and net increase in borrowings grew to $174.5 million.
ComfortDelGro’s net debt position as at March 31 was $390.8 million.
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In its taxi & private hire segment, competition in Singapore continues with more ride-hailing and taxi fleet operators expected. Its P2P business and tech integrations are progressing post acquisition of A2B and Addison Lee.
CMAC’s Suntransfers also secured exclusive contracts with one of UK’s largest online package holiday specialists, and CDG has commenced operations of a two-year pilot program to deploy commercial robotaxi services in Guangzhou, China.
Shares in ComfortDelGro closed 1 cent lower or 0.654% down at $1.52 on May 14.
