ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronEye IconIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon PrintSite TitleTitle ChevronIcon Twitter
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 2019 SGDUSD
Revenue3,905.70M2,863.00M
Gross Profit851.30M624.02M
Operating income533M390.70M
Income before tax406.60M298.05M
Net income265.10M194.32M
EBITDA958.70M702.75M
Diluted EPS0.120.08
Dividends Per Share0.090.07
Total Assets5,379M4,000.29M
Total liabilities2,005.10M1,491.16M
Total equity2,595M1,929.87M
Operating cash flow605.80M444.07M
Currency in SGDCurrency in USD

Historical Data

 Dec 2015Dec 2016Dec 2017Dec 2018Dec 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 2015Dec 2016Dec 2017Dec 2018Dec 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
PER19.44
ROA5.04%
ROE10.17%
Operating margin13.64%
Profit margin6.78%

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

Related Companies

  • Comfortdelgro Ventures
  • 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 ComfortDelGro Rent-A-Car Co. 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.
  • CityFleet Networks 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 1 Jul, 2020

You have {{numberArticlesLeft}} free article{{numberArticlesLeft-plural}} left this monthThis is your last free article this month

Stay ahead with our exclusives on Asia;
the most dynamic market in the world.

Stay ahead with our exclusives on Asia

Get trusted insights from experts within Asia itself.

Get trusted insights from experts
within Asia itself.

Get Unlimited access

You have {{numberArticlesLeft}} free article{{numberArticlesLeft-plural}} left this month

This is your last free article this month

Stay ahead with our exclusives on Asia; the most
dynamic market in the world
.

Get trusted insights from experts
within Asia itself.

Try 3 months for $9

Offer ends July 31st

Your trial period has expired

You need a subscription to...

  • Read all stories with unlimited access
  • Use our mobile and tablet apps
See all offers and subscribe

Your full access to the Nikkei Asian Review has expired

You need a subscription to:

  • Read all stories with unlimited access
  • Use our mobile and tablet apps
See all offers
NAR on print phone, device, and tablet media