ComfortDelGro Corporation has reported earnings – or patmi – of $95.3 million for the 1HFY2024 ended June 30, 21.4% higher y-o-y. This makes the fifth straight quarter of y-o-y earnings growth for the transport operator.
Earnings per share (EPS) for the period rose by 21.4% y-o-y to 4.40 cents.
1HFY2024 revenue rose by 13.7% y-o-y to $2.12 billion. The group’s public transportation segment reported a 5.6% y-o-y improvement in operating profit excluding non-recurring items. Operating profit for its taxi and private hire segment rose by 44.6% y-o-y. Overseas revenue contribution increased to 46.3% from 41.8% in the same period the year before.
CDG's revenue for the 2QFY2024 rose by 16.4% y-o-y to $1.11 billion, while its patmi rose by 19.7% y-o-y to $54.7 million.
According to the group, it saw improved margins through its public bus contract renewals in the UK combined with the positive performance of its acquisitions of CMAC Group and A2B Australia. In Singapore, the taxi and private-hire business saw improved contributions from its Zig ride-hailing platform. 1HFY2024 patmi margin stood at 4.5%, 0.3 percentage points higher y-o-y.
ComfortDelGro has proposed a one-tier interim dividend of 3.52 cents per share, representing a payout ratio of 80% and higher than its previous interim dividend of 2.90 cents per share declared in the 1HFY2023.
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“Our focus on strengthening core businesses and pursuing profitable overseas growth has allowed us to deliver robust half-year results and secure a leading position in our key markets,” says Cheng Siak Kian, managing director and group CEO of ComfortDelGro C52 .
“We remain vigilant as we navigate the evolving macro-economic challenges and continue this momentum of building scale and new capabilities for the long term,” he adds.
Chairman Mark Greaves says the group remains “disciplined” in its capital allocation and investment approach as the group pursues profitable growth. “With our resilient business portfolio and strong core operational performance, we will continue to create sustainable value for the group and our shareholders.”
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As at June 30, cash and cash equivalents stood at $883.7 million.
Shares in ComfortDelGro closed flat at $1.40 on Aug 14.
