ComfortDelGro 9M net profit falls 20% to S$141.1 million on weaker taxi and private-hire earnings

[SINGAPORE] ComfortDelGro Corporation (CDG) posted a 20 per cent fall in net profit to S$141.1 million for the nine months ended Sep 30, from S$176.4 million in the previous corresponding period.

In a regulatory filing on Thursday (Nov 12), the mainboard-listed company attributed the decline to its taxi and private-hire business being hit by competition and cautious consumer spending.

There was also no repeat of the S$25.9 million net gain on disposal booked, like in the year before.

Contract in the bag, others pending

Higher public transport earnings, as London bus contracts were renewed at improved margins, partly offset the fall, the group added.

The group also said it has secured the contract to operate and maintain the Copenhagen Metro through its joint venture with France’s RATP Dev.

The contract, valued at about S$3.4 billion, covers four fully automated lines, 44 stations and 43 km of track. It runs for 12 years from September 2027, with a renewal option for another three years.

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Other opportunities include Singapore’s Cross Island Line, Riyadh Metro Line 7 and bus services in Melbourne and Newcastle.

The group noted that sizing is indicative and actual bid participation, tender structure and contracted scope may vary.

Higher revenue

Revenue for the nine months rose 4.9 per cent to S$3.94 billion from S$3.75 billion in the year before, supported by contracted public transport operations.

Overseas operations accounted for 56.7 per cent of revenue, up from 55.3 per cent.

Operating profit fell 16.9 per cent to S$235.2 million, from S$283.1 million. Excluding non-recurring items, operating profit fell 8.6 per cent from S$257.2 million.

By segment, the public transport business’ revenue rose to S$2.62 billion from S$2.44 billion, and operating profit, excluding non-recurring items, rose 18.4 per cent to S$131.7 million, helped by the London contract renewals.

Reported operating profit was S$131.7 million, from S$136.1 million, as the year-ago figure included a gain on the sale of depots in Victoria, Australia.

In Singapore, the handover of the Tampines bus package to a new operator in July was partly offset by a writeback of fuel equalisation fund provisions.

Revenue from the taxi and private-hire segment fell to S$718.5 million from S$778.2 million, while operating profit, excluding non-recurring items, fell 44.9 per cent to S$54.6 million.

CDG cited competition in the mass consumer market, a smaller Singapore taxi fleet, a contraction of its Australian network, and weaker demand for premium business travel in the UK because of the Middle East conflict for the weaker performance.

As at Sep 30, net debt stood at S$1.03 billion, up from S$730.1 million at end-2025, giving a net gearing of 26.1 per cent.

CDG said gearing traditionally peaks in the third quarter and is expected to fall by year-end. Cash from operating activities was S$451.9 million for the nine months.

Among other developments, CDG said its London-based, premium private-hire, courier and black taxi provider Addison Lee, which it acquired in 2024, has grown its network from 39 to 45 locations in 10 countries.

It is also investing more than S$10 million to expand and refresh its Singapore private-hire fleet. It has expanded its partnership with Gojek, so that bookings can be fulfilled through its Zig taxi network.

In autonomous mobility, CDG said its Punggol driverless shuttle service has completed 10,000 public rides, and that it aims to have about 10 per cent of its global point-to-point fleet autonomous by 2030.

Shares of CDG closed flat at S$1.29 on Thursday before the announcement.