SINGAPORE -- ComfortDelGro has announced that its founding managing director and group chief executive, Kua Hong Pak, will be stepping down on April 30 after 14 years at the helm of the Singaporean transport operator.
He will be succeeded by Yang Ban Seng, current CEO of ComfortDelGro Taxis, on May 1. Kua will also remain as a senior adviser to Yang for an interim period.
Kua has been credited with helping expand ComfortDelGro since its inception in 2003. Under his leadership, the company's group revenue has more than doubled, from 2.02 billion Singapore dollars ($1.5 billion) in 2003 to S$4.06 billion for the year ended December 2016.
ComfortDelGro also posted a net profit of S$317.1 million for its full-year results ended December, a 5% rise from the year before, helped by stronger revenue from its taxi business.
Revenue fell by 1.3% to S$4.05 billion year-on-year due to S$124.4 million of costs related to foreign currency translations. Of this, the British pound accounted for S$111.3 million, following its drop against the Singapore dollar after the U.K.'s vote in June to leave the European Union.
However, ComfortDelGro's operating costs over the year fell by 1.7% due to lower fuel and electricity costs and a S$111.9 million drop in costs in Singapore dollar terms caused by the decline in the value of foreign currencies, including the pound and the Australian dollar.
Looking ahead, the company expects headwinds for some of its overseas operations. It said in a press release that revenue from its Guangzhou bus station business in China is expected to be lower as a new high-speed rail network will likely heighten competition.
Revenue from the bus business in the U.K. is expected to decrease with the weaker pound. Overseas operations accounted for 40.5% of the company's operating profit for 2016, down from 45.6% in 2015. The U.K. and Ireland contributed 17.5% to the overall operating profit, down from 20.5% a year ago.