ComfortDelGro Corporation (C52) H2 2023 earnings summary

Executive summary

• FY2023 revenue rose 2.6% to S$3,880.3m; reported PATMI rose 4.3% to S$180.5m, while normalised PATMI grew 26.6% excluding FY2022’s Alperton disposal gain.

• 2H2023 PATMI reached S$102.0m, up 76.5% YoY; PATMI margin was 5.1%.

Financial highlights

• Revenue was S$3,880.3m vs S$3,780.8m; operating profit was S$272.1m vs S$270.0m.

• Operating profit excluding non-recurring items rose 13.7% to S$265.7m; EBITDA increased 6.6% to S$629.9m.

• Profit before tax was S$280.0m vs S$272.7m; profit after tax was S$225.0m vs S$218.5m.

• 4Q revenue was S$1,021.4m; PATMI was S$52.1m, up 104% YoY.

• EPS was 8.33 cents vs 7.99 cents, up 4.3%.

Outlook and guidance

• Singapore rail revenue is expected to rise with ridership and fare increases; bus revenue is expected to decline from 1 Sep 2024 after one of two re-tendered packages was renewed.

• Australia public transport is expected to remain stable; NSW Region 7 service is scheduled to start in July 2024.

• UK public transport revenue is expected to increase through indexation and higher service fees on renewals; coach revenue is expected to remain stable.

• Singapore Taxi & Private Hire is expected to benefit from a full-year impact of Zig fees and taxi fare and commission increases; China taxi activity continues to recover.

• Other segments are expected to remain stable, with improved activity and earnings offset by inflation; CMAC revenue contribution began in February 2024.