ComfortDelGro Corporation (C52) H2 2024 earnings summary

Executive summary

• FY2024 revenue rose 15.4% and PATMI 16.6% YoY, supported by acquisitions and improved UK public transport contract margins.

• Overseas operations contributed 49.1% of revenue and 34.9% of operating profit, up from 42.6% and 26% respectively in FY2023.

Financial highlights

• FY2024 revenue was S$4,476.5m, operating profit S$322.9m and PATMI S$210.5m, up 15.4%, 18.7% and 16.6%, respectively.

• EBITDA rose 8.9% to S$686.2m; operating profit excluding non-recurring items was S$317.8m vs S$265.7m.

• 2H2024 revenue was S$2,359.0m, operating profit S$182.4m and PATMI S$115.2m; PATMI rose 12.9% YoY and 20.9% vs 1H2024.

• 2H2024 operating margin was 7.7%, flat YoY and up from 6.6% in 1H2024; 4Q2024 revenue reached S$1,178.6m.

Outlook and guidance

• Singapore rail revenue is expected to rise marginally with higher ridership and fare increases; bus revenue is expected to decline following the Jurong West package expiry.

• UK London bus renewals are expected at improved margins; Greater Manchester franchises began in January 2025 for at least five years.

• A2B and Addison Lee are expected to contribute for a full year in 2025 following partial FY2024 contributions.

• Inspection & Testing revenue is expected to increase with full-scale ERP 2.0 On-Board Unit installations; remaining segments are expected to remain stable.

• Strategy execution is expected to remain on track, with a cautiously confident outlook and continued monitoring of FX, interest rates and geopolitical and trade tensions.