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	SGD	USD
Revenue	3,780.80M	2,741.71M
Gross Profit	595.10M	431.54M
Operating income	317.60M	230.31M
Income before tax	271.90M	197.17M
Net income	173.10M	125.52M
EBITDA	674.80M	489.34M
Diluted EPS	0.07	0.05
Dividends Per Share	0.04	0.03
Total Assets	4,700.80M	3,504.92M
Total liabilities	1,697.10M	1,265.35M
Total equity	2,568.90M	1,915.37M
Operating cash flow	606.30M	439.66M
	Currency in SGD	Currency in USD

Historical Data

SGD | USD

	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 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 2018	Dec 2019	Dec 2020	Dec 2021	Dec 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
PER	15.39
ROA	3.60%
ROE	6.59%
Operating margin	8.40%
Profit margin	4.57%

Management

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

Shareholders

Pyrford International Ltd. (5.0%)
The Vanguard Group, Inc. (3.2%)
Invesco Asset Management Ltd. (1.6%)
Norges Bank Investment Management (1.5%)
Columbia Threadneedle Asset Managers Ltd. (1.5%)
BMO Asset Management Corp. (1.2%)
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

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

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Competitors

Grab Holdings Limited Class A
Go-Ahead Group plc

Last Updated on 22 Sep, 2023