ComfortDelGro (SGX:C52)’s FY25 revenue and operating profit (OP) grew 13.0% and 15.5% to S$5.1b and S$373m, respectively. Together with higher net interest expense due to a greater quantum of borrowings drawn down to finance various acquisitions, PATMI was 9.4% higher at S$230.3m.
Core operating profit from the Taxi & Private Hire segment was 4.4% higher at S$137.8m. While fleet market share in Singapore was broadly maintained, muted consumer sentiment in China and cost of living pressures in Australia, alongside a more competitive landscape, weighed on performance in those markets.
While the Inspection & Testing Services segment had a strong year with operating profit jumping 50% to S$51.9m, this was largely attributed to On-Board Unit (OBU) installations for the Electronic Road Pricing 2.0 project. The vast majority of this has been completed, so its performance will likely taper off in FY26.
FY26 outlook.
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Above is an excerpt from a report by OCBC Group Research. Clients of OCBC Securities may be the first to access the full PDF report @ https://www.iocbc.com/.
