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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 2021 SGDUSD
Gross Profit546M406.29M
Operating income249M185.28M
Income before tax204.90M152.47M
Net income130.10M96.81M
Diluted EPS0.060.04
Dividends Per Share0.040.03
Total Assets4,955M3,675.40M
Total liabilities1,813.90M1,345.47M
Total equity2,706.50M2,007.56M
Operating cash flow662.80M493.20M
Currency in SGDCurrency in USD

Historical Data

 Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021
Revenue 3,576.40M 3,805.20M 3,901.10M 3,242.60M 3,538.30M
Gross Profit 866.80M 872.50M 846.70M 404.90M 546M
Operating income 521.30M 518.70M 533M 114.50M 249M
Income before tax 425.40M 439.30M 406.60M 115.80M 204.90M
Net income 301.50M 303.30M 265.10M 60.80M 130.10M
EBITDA 930.10M 913M 958.70M 546.50M 650.60M
Diluted EPS 0.13 0.14 0.12 0.02 0.06
Dividends Per Share 0.10 0.10 0.09 0.01 0.04
Total Assets 4,827.70M 5,136.70M 5,379M 4,958.60M 4,955M
Total liabilities 1,507.50M 1,838.50M 2,005.10M 1,884.10M 1,813.90M
Total equity 2,618.20M 2,613.60M 2,595M 2,646.70M 2,706.50M
Operating cash flow 600.20M 669.80M 605.80M 543.50M 662.80M
 Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021
Revenue 2,590.69M 2,820.12M 2,859.62M 2,350.75M 2,632.93M
Gross Profit 627.89M 646.63M 620.65M 293.53M 406.29M
Operating income 377.62M 384.42M 390.70M 83.00M 185.28M
Income before tax 308.15M 325.57M 298.05M 83.95M 152.47M
Net income 218.40M 224.78M 194.32M 44.07M 96.81M
EBITDA 673.75M 676.64M 702.75M 396.19M 484.12M
Diluted EPS 0.10 0.10 0.08 0.02 0.04
Dividends Per Share 0.07 0.07 0.07 0.01 0.03
Total Assets 3,612.46M 3,768.67M 4,000.29M 3,751.82M 3,675.40M
Total liabilities 1,128.03M 1,348.86M 1,491.16M 1,425.56M 1,345.47M
Total equity 1,959.14M 1,917.53M 1,929.87M 2,002.57M 2,007.56M
Operating cash flow 434.77M 496.40M 444.07M 394.01M 493.20M

Valuation Measures

Dec 2021
Operating margin7.03%
Profit margin3.67%

Key executives

  • Group Chief Executive Officer & Managing Director: Siak Kian Cheng
  • Group Chief Financial Officer & Group Deputy CEO: 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


  • Pyrford International Ltd. (5.0%)
  • The Vanguard Group, Inc. (2.4%)
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  • Norges Bank Investment Management (1.5%)
  • Columbia Threadneedle Asset Managers Ltd. (1.5%)
  • BlackRock Fund Advisors (1.2%)
  • T. Rowe Price Hong Kong Ltd. (0.9%)
  • Dimensional Fund Advisors LP (0.9%)
  • Abrdn Asia Ltd. (0.5%)
  • DAWN KUA SU WEN (0.4%)

Contact Details

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Last Updated on 27 Jan, 2023

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