Strong operations lift ComfortDelGro's profit by 23.8% YoY

Profit after taxation and minority interest for the period was $40.6m.

ComfortDelGro posted a 23.8% YoY higher profit after taxation and minority interest (PATMI) of $40.6m in 1Q24, driven by strong operations and a resilient portfolio.

In 1Q24, the company experienced higher rail ridership and fares in Singapore and secured renewals in the United Kingdom.

Apart from higher PATMI, the company also reported a 10.8% YoY increase in its revenue, reaching $1.00b.

Revenue increased across all its business segments, led by Public Transport, which rose 8.0% YoY or $55.0m to $741.1m.

The Other Private Transport segment reported a $31.2m (91.5% YoY) increase in its revenue, reaching $65.3m, whilst the Taxi/Private Hire segment revenue rose 8.2% YoY or $11.2m to $148.3m.

By region, the company recorded revenue increases in Singapore, the United Kingdom, Australia, and China.