https://www.theedgesingapore.com/capital/results/vicom-reports-higher-earnings-276-mil-54-y-o-y-increase
Vicom reports higher earnings of $27.6 mil, 5.4% y-o-y increase

 

ComfortDelGro Corp (CDG) through its wholly-owned subsidiary CityFleet Networks has acquired UK-based ground transport management and accommodation network specialist CMAC Group for GBP80.2 million   ($135.4 million).

 

CMAC has an extensive network of approved and certified suppliers to provide around-the-clock specialised pre-planned and on-demand emergency passenger transport and accommodation solutions to businesses in the rail, travel, healthcare, corporate and public sectors. 

 

Its operations cover the UK, France, Spain, Portugal, Greece and the Netherlands, managing disruptions and journeys for close to three million travellers annually on behalf of airlines, ground handlers, train operators and companies. 

 

Through its Suntransfers brand, CMAC also manages private and ride-share transfers to over 500 airports, bus and train stations and ports worldwide.

 

CDG managing director and group CEO Cheng Siak Kian says the acquisition is aligned with CDG&rsquo s strategy to expand its point-to-point mobility services and offerings. 

 

&ldquo As an established player in providing wide-ranging emergency passenger transport services to businesses, CMAC is complementary to our operations in the UK and Europe, allowing us to expand our business-to-business offerings in the region,&rdquo he adds.

 

In addition to the services provided by CMAC, CDG also owns and operates taxis and private hire vehicles through its CityFleet Networks in Aberdeen, Liverpool and the Northwest region. It also operates Metroline buses and Westbus coaches in London, Adventure Travel buses and coaches in Wales, as well as the Megabus, Scottish and Irish Citylink intercity coach services.

 

With the acquisition of CMAC Group, CDG now provides mobility services in 12 countries worldwide.

ComfortDelGro Corporation substantial shareholder Silchester International Investors increased its deemed interest in the company to above the 7.0 per cent threshold on Jan 29.

 

This follows the London-based investment management company increasing its deemed interest above the 6.0 per cent threshold on Dec 1, and emerging as substantial shareholder of ComfortDelGro Corporation on Nov 7.

 

Silchester acts as investment manager for certain commingled funds and in acting for its clients.

 

The investor manager has maintained that it is given full discretion over its client investments and is empowered to vote on their behalf.

 

However, Silchester maintains it does not act as the client&rsquo s custodian and therefore shares are not held in its name but in the name of each client&rsquo s custodian bank.

 

Aside from Jardine Matheson Holdings, ComfortDelGro also ranked among the 10 stocks that booked the highest net institutional inflow in January.

 

Like 2023, the global land transport leader has so far booked the highest net institutional inflow this year for the large contingent of non-STI stocks.

 

On Jan 24, ComfortDelGro announced that its joint venture with the Go-Ahead Group, Connecting Stockholm, had been awarded a contract by the Stockholm Public Transport Administration, Trafikforvaltningen, to operate and maintain the Stockholm Metro.

 

This represents ComfortDelGro&rsquo s first rail contract in Sweden and will be its largest rail passenger operation outside of Singapore. ComfortDelGro holds a 45 per cent stake in Connecting Stockholm.

 

ComfortDelGro is expected to report its FY23 (ended Dec 31) financial results before the end of February.

 

For its H1FY23 and FY22, Singapore operations contributed 58 per cent of the group&rsquo s revenue.

 

In line with the group&rsquo s strategic focus, ComfortDelGro introduced a new segmental reporting framework effective H1FY23, which comprises public transport, taxi & private hire vehicle (PHV), other private transport, inspection & testing services and other segments.