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.
Above is an excerpt from a report by Phillip Securities Research. Clients of Phillip Capital may be the first to access the full PDF report @ https://www.stocksbnb.com/.
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