Top-line growth is boosted by the group’s overseas markets, mainly due to its acquisitions in the UK and Australia
LAND transport giant ComfortDelGro on Thursday (Nov 14) posted a 15.2 per cent rise in net profit to S$57.5 million for its third quarter ended September 2024, from S$49.9 million a year ago.
Revenue rose 18.4 per cent to S$1.2 billion from S$996.6 million, the mainboard-listed group said in a regulatory filing.
This growth was in part contributed by its overseas markets, which increased by 51.1 per cent mainly due to its acquisitions of United Kingdom-based ground transport management and accommodation network specialist CMAC Group, as well as Australian taxi network operator A2B Australia.
Zooming in, revenue under the group’s public transport business segment rose to S$815 million from S$758.5 million. This was mainly attributed to the continued renewal of UK public transport contracts at improved margins, the group said.
Revenue under its taxi and private hire business segment rose to S$179.9 million from S$147.6 million. However, this was partly offset by lower booking volumes under its taxi booking app Zig “due to continuing competitive pressures and slightly reduced fleet size”, the group said.
Meanwhile, operating costs rose to S$998.5 million for the quarter, from S$833.4 million the year before. This was mainly due to the acquisition of A2B Australia by its subsidiary CDC Private Mobility in April 2024.
For the nine months ended September, net profit increased to S$152.8 million from S$128.4 million in the year-ago period. Revenue climbed to S$3.3 billion from S$2.9 billion the year before.
Shares of ComfortDelGro closed unchanged at S$1.49 on Thursday, before the results were announced.
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