ComfortDelGro earns S$57.5M in 3QFY2024, a 15.2% jump YoY

SINGAPORE: ComfortDelGro (CDG) has announced earnings of S$57.5 million for the third quarter of its financial year 2024 (3QFY2023), up 15.2% from the same period last year. The company also saw a 5.1% increase in earnings compared to the previous quarter, when it earned S$54.7 million. Despite the rise in earnings, CDG’s profit margin fell slightly to 4.9%, down from 5.0% in 3QFY2023, as reported by The Edge Singapore.

Revenue for 3QFY2024 was S$1.18 billion, an 18.4% rise compared to last year. Operating costs grew to S$998.5 million from S$833.4 million in the same period last year.

The public transport segment, which includes services such as buses and rail, posted a revenue increase of S$40.4 million, or 5.2% quarter-on-quarter (QoQ), to S$815 million. This growth was driven by contract renewals in the UK and seasonal increases in scheduled bus services.

CDG’s taxi and private hire services also saw a small improvement in revenue, rising by S$0.7 million, or 0.4% QoQ, to S$179.9 million. This was due to higher earnings from A2B, its Australian subsidiary. However, CDG Singapore taxi business faced pressure from increased competition and a slight reduction in fleet size, leading to lower booking volumes.

As of Sept 30, 2024, CDG’s cash and short-term deposits were S$813.3 million, a decrease from S$856.9 million at the end of 2023. /TISG

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