ComfortDelGro has reported earning earnings of $40.6 million for 1QFY2024, up 23.8% y-o-y. 

 

This marks the fourth consecutive quarterly improvement post pandemic.

 

Revenue in the same period was up 10.8% y-o-y to $1 billion, led by broad-based improvement across its public transport and taxi businesses.

 

PATMI margin in the same period increased to 4% from 3.6%.

 

The bottom line too benefitted from lower rental discounts in Singapore and China, platform fees for taxi bookings in Singapore and higher net interest income derived from its cash balance of $922.7 million as of March, up 7.7% over the preceding quarter ended Dec 2023.

 

Managing director and group CEO Cheng Siak Kian expects sustained recovery to continue in the key markets.

 

" The group will benefit from the integration of our recently completed acquisitions in the UK and Australia, and from the commencement of the new bus and rail contracts awarded recently in 2025. We remain focused on driving profitable growth and increasing shareholder value, he adds.

Move will help ensure more availability and shorter waiting times during non-peak hours

 

RIDE-HAILING app Gojek and ComfortDelGro Taxi : C52 +0.68% (CDG) will dispatch rides not taken up by drivers to each other&rsquo s platform.

 

This announcement on Tuesday (Apr 23) marked the official start of the Gojek and CDG partnership, and is the fruition of the collaboration agreement signed in November 2022. This is also part of an effort to enhance reliability with a larger combined driver pool between Gojek and CDG.

 

&ldquo The welfare and overall income sustainability of drivers is our top priority, and with this partnership, drivers will be able to see higher demand and improved earnings, while commuters can look forward to greater availability of rides with shorter waiting times, making this partnership a win for everyone,&rdquo said Lien Choong Luen, general manager, Gojek Singapore.

 

For the first phase of this cross-dispatch model starting on Apr 29, Gojek rides not taken up by drivers after an undisclosed agreed waiting time between Gojek and CDG will be sent to CDG&rsquo s platform for their taxi drivers to fulfil.

 

CDG&rsquo s taxi fleet stands at 8,724 as at February, according to statistics from the Land Transport Authority. Gojek declined to share its fleet numbers in Singapore.

 

The second phase where Gojek will receive untaken rides from CDG currently has no set timeline.

 

&ldquo By combining our fleets in a cross-dispatch model, ComfortDelGro&rsquo s two-shift taxi system will help ensure more availability and shorter waiting times during non-peak hours,&rdquo said Jackson Chia, chief executive officer, private mobility group, CDG.

 

Both companies will continue to explore possible collaboration in areas such as electric vehicles and ancillary revenue opportunities. Support services such as insurance, driver training and vehicle maintenance are other areas Gojek and CDG are exploring as well.