ComfortDelGro doubles net profit to $130.1m in 2021

The group attributed the 114% growth to their services bouncing back.

Demand for ComfortDelGro's services in the face of the new normal staged a recovery for its financial results for the year ending 31 December 2021.

Full-year net profit attributable to shareholders increased by 114.0% to $130.1m compared to $60.8m in 2020. Group operating profit was 72.6% higher at $210m, with $79.5m coming from the underlying business and $8.8m from a positive foreign currency translation effect. Excluding COVID-19 Government reliefs amounting to $84.6m in 2021, the group reported an operating profit of $125.4m compared to an operating loss of $47.6m for 2020.

"As a transport operator, we have certainly benefitted from the increases in economic activity but we are not out of the woods yet. Demand has not reached pre-COVID levels as many workers continue to work from home and social restrictions remain in force in many geographies. But, we remain hopeful that global recovery will continue," said CEO Yang Ban Seng.

Revenue from public transport services is expected to improve as rail ridership in Singapore, bus charter in Australia, and coach services in the UK continue to recover with the relaxation of COVID-19 restrictions.

The group's New Zealand Rail joint-venture Auckland One Rail also took over operations of the Auckland metro from January 2022.

Singapore taxi revenues are expected to improve with the lowering of COVID-19 rental discounts. Driver earnings are expected to improve from the easing of restrictions and resumption of international travel. Taxi revenues in China are expected to remain stable as the country continues its gradual recovery under its 'Zero-COVID' policy.

(US$1 = $1.36)

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