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Transportation

ComfortDelGro Corp. Ltd.

Company Background

ComfortDelGro is a land transport company operating over 46,000 taxis, buses and rental vehicles around the world. It was formed in 2003 with the merger of the Singaporean transport companies Comfort Group and DelGro. One of ComfortDelGro's major subsidiaries is the London-based city bus operator Metroline. As of March 2014, The Capital Group Companies is ComfortDelGro's largest shareholder, followed by BlackRock. No shareholder owns more than 10%.

With the limited amount of land and population in Singapore, the company has been seeking opportunities beyond the city-state. In 2013, it acquired a portion of London-based FirstGroup's bus business and assets. Later that year, it acquired the Melbourne, Australia-based bus operator Driver Group. Around half of ComfortDelGro's operating profit is generated from businesses in China, Australia, the U.K., Ireland, Vietnam and Malaysia. Kua Hong Pak has been managing director and CEO since the 2003 merger. Prior to joining the group, he was the president and CEO of Times Publishing, where he managed operations across seven countries and economies.

Business Summary

ComfortDelGro Corp. Ltd. is an investment holding company, which engages in the provision of land transportation services. It operates through the following segments: Public Transport Services, Taxi, Automotive Engineering Services, Inspection and Testing Services, Driving Centre, Car Rental and Leasing, and Bus Station. The Public Transport Services segment focuses on the provision of bus and rail services to commuters travelling on public transport systems, coach rental services, and ancillary advertisement. The Taxi segment deals with renting out taxis, operating taxi bureau services, and ancillary advertisement. The Automotive Engineering Services segment offers vehicular maintenance and repair services, construction of specialized vehicles, assembly of bus bodies, crash repair services, engineering services, and sale of diesel. The Inspection and Testing Services segment comprises of motor vehicle inspection services and non-vehicle testing, inspection, and consultancy services. The Driving Centre segment operates driving schools. The Car Rental and Leasing segment involves the renting and leasing of cars. The Bus Station segment includes commission income from fare collection. The company was founded on March 29, 2003 and is headquartered in Singapore.

Financial Highlights

Dec 2020 SGDUSD
Revenue3,228.60M2,340.60M
Gross Profit406.30M294.55M
Operating income115.90M84.02M
Income before tax117.20M84.96M
Net income61.80M44.80M
EBITDA532.50M386.04M
Diluted EPS0.020.02
Dividends Per Share0.010.01
Total Assets5,308.50M4,016.57M
Total liabilities1,895.10M1,433.88M
Total equity2,606.80M1,972.38M
Operating cash flow482.90M350.08M
Currency in SGDCurrency in USD

Historical Data

 Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020
Revenue 4,059.50M 3,576.40M 3,805.20M 3,901.10M 3,228.60M
Gross Profit 944.70M 866.80M 872.50M 846.70M 406.30M
Operating income 464.10M 521.30M 518.70M 533M 115.90M
Income before tax 466.60M 425.40M 439.30M 406.60M 117.20M
Net income 317.10M 301.50M 303.30M 265.10M 61.80M
EBITDA 860.10M 930.10M 913M 958.70M 532.50M
Diluted EPS 0.14 0.13 0.14 0.12 0.02
Dividends Per Share 0.10 0.10 0.10 0.09 0.01
Total Assets 5,049.40M 4,827.70M 5,136.70M 5,379M 5,308.50M
Total liabilities 1,577.70M 1,507.50M 1,838.50M 2,005.10M 1,895.10M
Total equity 2,475.50M 2,618.20M 2,613.60M 2,595M 2,606.80M
Operating cash flow 707.10M 600.20M 669.80M 605.80M 482.90M
 Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020
Revenue 2,940.28M 2,590.69M 2,820.12M 2,859.62M 2,340.60M
Gross Profit 684.24M 627.89M 646.63M 620.65M 294.55M
Operating income 336.14M 377.62M 384.42M 390.70M 84.02M
Income before tax 337.95M 308.15M 325.57M 298.05M 84.96M
Net income 229.67M 218.40M 224.78M 194.32M 44.80M
EBITDA 622.96M 673.75M 676.64M 702.75M 386.04M
Diluted EPS 0.10 0.10 0.10 0.08 0.02
Dividends Per Share 0.07 0.07 0.07 0.07 0.01
Total Assets 3,495.12M 3,612.46M 3,768.67M 4,000.29M 4,016.57M
Total liabilities 1,092.06M 1,128.03M 1,348.86M 1,491.16M 1,433.88M
Total equity 1,713.50M 1,959.14M 1,917.53M 1,929.87M 1,972.38M
Operating cash flow 512.15M 434.77M 496.40M 444.07M 350.08M

Valuation Measures

Dec 2020
PER58.59
ROA1.15%
ROE2.37%
Operating margin3.58%
Profit margin1.91%

Key executives

  • Group CEO, MD & Non-Independent Director: Ban Seng Yang
  • Group Chief Financial Officer: Thong Hean Koh
  • Group Chief Technology Officer: Eng Hoe Neo
  • Group Chief Business Development Office: Peng Yen Choo
  • Group Chief Insurance Officer: Beng Peng Chua

Shareholders

  • BlackRock Fund Advisors (4.9%)
  • T. Rowe Price Hong Kong Ltd. (3.1%)
  • The Vanguard Group, Inc. (2.2%)
  • BMO Asset Managers Ltd. (1.7%)
  • Norges Bank Investment Management (1.6%)
  • Pyrford International Ltd. (1.6%)
  • First Eagle Investment Management LLC (1.1%)
  • Dimensional Fund Advisors LP (0.9%)
  • Invesco Asset Management Ltd. (0.8%)
  • Aberdeen Standard Investments (Asia) Ltd. (0.6%)

Contact Details

Related Companies

  • Comfortdelgro Corp. Ltd. /London Operations/
  • ComfortDelGro Irish Citylink Ltd.
  • Comfortdelgro Ventures Pte. Ltd.
  • CDC Victoria Pty Ltd
  • Chengdu ComfortDelGro Taxi Co., Ltd.
  • Spark Car Care
  • ComfortDelGro Rent-A-Car Pte Ltd.
  • Moove Media Pte Ltd.
  • ComfortDelGro Insurance Brokers Pte Ltd.
  • Nanning Comfort Transportation Co. Ltd.
  • Citycab Pte Ltd.
  • ComfortDelGro Engineering Pte Ltd.
  • ComfortDelgro Bus Pte Ltd.
  • Braddell Ltd.
  • Beijing Jin Jian Taxi Services Co. Ltd.
  • DelGro Engineering Pte Ltd.
  • Waterbank Properties S Pte Ltd.
  • ComfortDelGro (China) Pte Ltd.
  • ComfortDelGro Corporation Australia Pty Ltd.
  • Vinatax Co. Ltd.
  • Comfortdelgro Savico Taxi Co. Ltd.
  • Beijing Tian Long Da Tian Vehicle Inspection Co Ltd
  • Tecobest Investment Ltd
  • Swan Taxis Pty Ltd
  • Delgro Investments Pte Ltd.
  • Metroline Ltd.
  • Vicom Ltd
  • SBS Transit Ltd

Competitors

  • Stagecoach Group plc
  • Go-Ahead Group plc
Last Updated on 25 Oct, 2021

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