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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 2022 SGDUSD
Gross Profit595.10M431.54M
Operating income317.60M230.31M
Income before tax271.90M197.17M
Net income173.10M125.52M
Diluted EPS0.070.05
Dividends Per Share0.040.03
Total Assets4,700.80M3,504.92M
Total liabilities1,697.10M1,265.35M
Total equity2,568.90M1,915.37M
Operating cash flow606.30M439.66M
Currency in SGDCurrency in USD

Historical Data

 Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022
Revenue 3,805.20M 3,901.10M 3,242.60M 3,502.80M 3,780.80M
Gross Profit 872.50M 846.70M 404.90M 535.80M 595.10M
Operating income 518.70M 533M 114.50M 238.80M 317.60M
Income before tax 439.30M 406.60M 115.80M 194.60M 271.90M
Net income 303.30M 265.10M 60.80M 123M 173.10M
EBITDA 913M 958.70M 546.50M 615.10M 674.80M
Diluted EPS 0.14 0.12 0.02 0.05 0.07
Dividends Per Share 0.10 0.09 0.01 0.04 0.04
Total Assets 5,136.70M 5,379M 4,958.60M 4,914.40M 4,700.80M
Total liabilities 1,838.50M 2,005.10M 1,884.10M 1,801.20M 1,697.10M
Total equity 2,613.60M 2,595M 2,646.70M 2,678.60M 2,568.90M
Operating cash flow 669.80M 605.80M 543.50M 658.40M 606.30M
 Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022
Revenue 2,820.12M 2,859.62M 2,350.75M 2,606.51M 2,741.71M
Gross Profit 646.63M 620.65M 293.53M 398.70M 431.54M
Operating income 384.42M 390.70M 83.00M 177.69M 230.31M
Income before tax 325.57M 298.05M 83.95M 144.80M 197.17M
Net income 224.78M 194.32M 44.07M 91.52M 125.52M
EBITDA 676.64M 702.75M 396.19M 457.71M 489.34M
Diluted EPS 0.10 0.08 0.02 0.04 0.05
Dividends Per Share 0.07 0.07 0.01 0.03 0.03
Total Assets 3,768.67M 4,000.29M 3,751.82M 3,645.29M 3,504.92M
Total liabilities 1,348.86M 1,491.16M 1,425.56M 1,336.05M 1,265.35M
Total equity 1,917.53M 1,929.87M 2,002.57M 1,986.87M 1,915.37M
Operating cash flow 496.40M 444.07M 394.01M 489.93M 439.66M

Valuation Measures

Dec 2022
Operating margin8.40%
Profit margin4.57%


  • Group CEO, MD & Non-Independent Executive Director: Siak Kian Cheng
  • Group Chief Technology Officer: Eng Hoe Neo
  • Group Chief Insurance Officer: Beng Peng Chua
  • Group Deputy Chief Executive Officer: Thong Hean Koh
  • Chief Executive Officer-Taxi Business: Ah Han Tan


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  • Norges Bank Investment Management (1.5%)
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  • BlackRock Fund Advisors (1.1%)
  • Dimensional Fund Advisors LP (0.9%)
  • DAWN KUA SU WEN (0.4%)
  • Changi Bus Co. Pte Ltd. (0.4%)

Contact Details

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Last Updated on 22 Sep, 2023

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