ComfortDelGro’s net profit soars 54.5% YoY to $49.9m in 3Q23

Quarter-on-quarter, net profit rose by 9.2%.

ComfortDelGro ended 3Q23 with a 54.5% YoY and 9.2% QoQ higher profit after tax and minority interests (PATMI) of $49.9m.

In a bourse filing, the land transport company attributed its higher profit to improvement in its “Public Transport Services” unit due to UK indexation and higher margin contract renewals.

With newly introduced Singapore platform fees and lower rental discounts in China, the company’s “Taxi/Private Hire Vehicle (PHV)” segment also saw improvement during the quarter, helping boost net profit.

ComfortDelGro’s “Other Private Transport” segment was also generally stable except for Singapore private bus, which remains challenged with ongoing driver shortages and elevated costs.

Meanwhile, the company attributed improvements in its “Other” segment to Singapore driving school, media and expenses timing.