- ComfortDelGro (SGX:C52)'s 1H24 results were within our expectations. Revenue and PATMI were 52%/45% of our FY24e forecast. 2Q24 net profit rose 18% y-o-y driven by a strong turnaround in UK bus and Singapore taxi businesses. Interim dividend increased 21% to 3.52 cents. See ComfortDelGro's dividend dates.
- - Read this at SGinvestors.io -
- Taxi earnings spiked 48% y-o-y to S$38.3mil on the back of higher Zig ride-hailing commissions and platform fees.
- Excluding acquisitions, Australia's earnings in 2Q24 declined 26% y-o-y.
The Positive
Margin improvement in Singapore taxi and UK bus operations.
- Taxi margins expanded 4% points to multi-year highs of 22.5%, excluding A2B acquisition. Higher commission rates and platform fees levied by the Zig ride-hailing app contributed to the increase.
- - Read this at SGinvestors.io -
The Negative
Australia bus margins keep sliding.
- Excluding A2B acquisitions, Australian earnings declined 27% to S$9.7mil.
- Australia public bus contracts were renewed in 1H23 at lower margins. Ongoing bus driver shortages in Australia will worsen margins.
Outlook
- Read more at SGinvestors.io.
