ComfortDelGro Corp. Ltd.

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See more articles on 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 2019	SGD	USD
Revenue	3,905.70M	2,863.00M
Gross Profit	851.30M	624.02M
Operating income	533M	390.70M
Income before tax	406.60M	298.05M
Net income	265.10M	194.32M
EBITDA	958.70M	702.75M
Diluted EPS	0.12	0.08
Dividends Per Share	0.09	0.07
Total Assets	5,379M	4,000.29M
Total liabilities	2,005.10M	1,491.16M
Total equity	2,595M	1,929.87M
Operating cash flow	605.80M	444.07M
	Currency in SGD	Currency in USD

Historical Data

SGD | USD

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019
Revenue	4,111.50M	4,059.50M	3,576.40M	3,805.20M	3,905.70M
Gross Profit	931.20M	944.70M	866.80M	872.50M	851.30M
Operating income	445.60M	464.10M	521.30M	518.70M	533M
Income before tax	452.20M	466.60M	425.40M	439.30M	406.60M
Net income	301.90M	317.10M	301.50M	303.30M	265.10M
EBITDA	834.90M	860.10M	930.10M	913M	958.70M
Diluted EPS	0.14	0.14	0.13	0.14	0.12
Dividends Per Share	0.09	0.10	0.10	0.10	0.09
Total Assets	5,216.30M	5,049.40M	4,827.70M	5,136.70M	5,379M
Total liabilities	1,924.50M	1,577.70M	1,507.50M	1,838.50M	2,005.10M
Total equity	2,335.10M	2,475.50M	2,618.20M	2,613.60M	2,595M
Operating cash flow	599M	707.10M	600.20M	669.80M	605.80M

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019
Revenue	2,989.61M	2,940.28M	2,590.69M	2,820.12M	2,863.00M
Gross Profit	677.10M	684.24M	627.89M	646.63M	624.02M
Operating income	324.01M	336.14M	377.62M	384.42M	390.70M
Income before tax	328.81M	337.95M	308.15M	325.57M	298.05M
Net income	219.52M	229.67M	218.40M	224.78M	194.32M
EBITDA	607.08M	622.96M	673.75M	676.64M	702.75M
Diluted EPS	0.10	0.10	0.10	0.10	0.08
Dividends Per Share	0.06	0.07	0.07	0.07	0.07
Total Assets	3,676.94M	3,495.12M	3,612.46M	3,768.67M	4,000.29M
Total liabilities	1,356.57M	1,092.06M	1,128.03M	1,348.86M	1,491.16M
Total equity	1,646.00M	1,713.50M	1,959.14M	1,917.53M	1,929.87M
Operating cash flow	435.55M	512.15M	434.77M	496.40M	444.07M

Valuation Measures

Dec 2019
PER	19.44
ROA	5.04%
ROE	10.17%
Operating margin	13.64%
Profit margin	6.78%

Key executives

Group CEO, MD & Non-Independent Director: Ban Seng Yang
Group Chief Financial & Special Projects Officer: Thong Hean Koh
Group Chief Technology Officer: Eng Hoe Neo
Senior Vice President & Head-Treasury: Poh Choo Tan
Group Chief Insurance Officer: Beng Peng Chua

Shareholders

BlackRock Fund Advisors (4.9%)
The Vanguard Group, Inc. (2.8%)
Capital Research & Management Co. (Global Investors) (2.4%)
First Eagle Investment Management LLC (1.6%)
Norges Bank Investment Management (1.4%)
BMO Asset Managers Ltd. (1.1%)
Pyrford International Ltd. (0.9%)
TD Asset Management, Inc. (0.8%)
JPMorgan Asset Management (Singapore) Ltd. (0.5%)
AQR Capital Management LLC (0.4%)

Contact Details

Website:http://www.comfortdelgro.com
Phone: +65.6383.8833

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Competitors

Stagecoach Group plc
Go-Ahead Group plc

Last Updated on 1 Jul, 2020