ComfortDelGro reports 2HFY2022 earnings of $57.8 million, 63.3% higher y-o-y

Khairani Afifi Noordin
3-min read

Earnings for the full year was $173 million, 40.7% higher y-o-y.

ComfortDelGro C52 (CDG) has reported earnings of $57.8 million for its 2HFY2022 ended December, 63.3% higher y-o-y compared to $35.4 million for the same period last year.

Earnings for the full year was $173 million, 40.7% higher y-o-y.

Revenue for 2HFY2022 stood at $1.93 billion, up 9% y-o-y with an increase of $235.8 million coming from underlying businesses partially offset by unfavourable foreign currency translation of $76 million from the weaker Australian dollar and British pound.

For FY2022, revenue was up 7.9% y-o-y to $3.78 billion.

2HFY2022 operating costs of $1.83 billion for 2HFY2022 was 7.7% higher y-o-y. This is in line with increased revenues and reduced Covid-19 government reliefs. Operating profit for the period of $98.9 million was 41.3% higher y-o-y.

The operating costs for the full year stood at $3.51 billion, 6.3% higher y-o-y while operating profit for the period was $279 million, 35.1% higher y-o-y.

As at December 31, CDG’s total equity decreased to $2.99 billion, mainly due to foreign exchange translation loss, payment of final dividend for 2021 and interim and special dividends for 2022, offset by profit generated from operation. 

The group has declared a final dividend of 1.76 cents per share and a special dividend of 2.46 cents per share. The special dividend was given to commemorate the group's 20th anniversary of its listing on the Singapore Exchange (SGX).

Total assets decreased to $4.7 billion as at end of last year due to decreases in non-current assets by $237.7 million, partially offset by increases in current assets by $24.1 million. The decrease in non-current assets was mainly due to depreciation of vehicles, premises and equipment.

The increase in current assets was due mainly to higher short-term deposits and bank balances, partially offset by lower trade and other receivables.

Total liabilities decreased to $1.7 billion as at December 31 due to decreases in non-current liabilities mainly due to lower long-term borrowings, lease liabilities from financial institutions, lease liabilities and deferred tax liabilities.

CDG recorded a net cash inflow of $47.9 million for FY2022. As at end of last year, the company had short-term deposits and bank balances of $967 million.

After accounting for the borrowings of $292.2 million and lease liabilities from financial institutions of $21.4 million, CDG had a net cash position of $653.4 million. Its gross gearing ratio was 10.5% as at December 31, 2022 compared to 12.8% as at December 31, 2021.

CDG managing director and group CEO Cheng Siak Kan says the company will continue to grow its overseas portfolio by actively participating in bus and rail tenders in countries it already operates in, as well as new geographies.

“Significant increases in inflation levels are affecting operations across the group. We are watching these closely and continue to keep a tight lid on costs,” he adds.

Shares in CDG closed 1 cent higher or 0.84% up on Feb 24 at $1.20.


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