ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon Print
Sharing Economy

Singapore cab operator defies Go-Jek threat and posts profit

ComfortDelGro gains from overseas buys and state plans to regulate ride-hailers

The venture will add several thousand autos to Go-Jek's four-wheel ride-hailing service Go-Car, all equipped with Astra's fleet management system. (Photo by Ken Kobayashi)

SINGAPORE -- Traditional taxi companies are struggling in the age of ride-sharing but Singapore's largest cab group ComfortDelGro has managed to claw out of the slump through overseas acquisitions as its 2019 outlook brightens with government plans to tighten regulatory oversight of its new technology rivals.

ComfortDelGro, which controls 60% of Singapore's taxi market with 12,000 vehicles, on Feb. 13 logged a 40% increase in its net profit for the October to December quarter from a year ago at about 83 million Singapore dollars ($61 million). That marked its first year-on-year rise in seven quarters. The company's net profit for the 2018 full-year also increased 0.6% to SG$303 million.

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more