- In its latest business update, ComfortDelGro (SGX:C52) posted a 3Q23 revenue of S$996.6m, up 3.8% y-o-y and 4.3% q-o-q. 3Q23 PATMI jumped 54.5% y-o-y and 9.2% q-o-q to S$49.9m. This represents an improved PATMI margin of 5%, as compared to 3.4% in 3Q22 and 4.8% in 2Q23. See ComfortDelGro's announcement dated 14 Nov 2023.
Positive recovery momentum in 3Q23
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- For 9M23, ComfortDelGro’s revenue of S$2.9b represents a 2% y-o-y increase. PATMI of S$128.4m grew 9.6% y-o-y, with 9M22 results normalised to exclude a one-off S$30.5m gain on the disposal of the Alperton property in London. This translates to a PATMI margin of 4.5% for the period (9M22: 4.2%).
A tale of two cities
Positive momentum for public transport segment
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- Management shared that demand remains strong for the segment, with the Singapore taxi fleet size holding steady and even slightly growing its market share, but warned of intensifying competition ahead.
Private transport segment remained a drag
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