How ComfortdelGro's taxi business beat peers in revenue game

Its market share is nearly 60%.

According to Maybank Kim Eng, CDG’s Taxi business in Singapore, under the brands of Comfort and CityCab, has a market share of close to 60%. With its larger scale of operation, Maybank believes that the group is able to achieve cost advantage relative to its peers. 

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Its taxi business in Singapore has an excellent track record and accounts for c.23% of the group’s profits. The business unit’s profit history is astonishing as the Taxi operations of its closest listed peer, SMRT, was marginally profitable at best over the past 5 years.

Upon closer inspection, we found that CDG is able to achieve 28% higher average revenue (normalizing for fleet size) than that of SMRT.