(MT Newswires) -- SK Cheng, CEO of ComfortDelGro, has announced a 4% increase in revenues this year, and excluding exceptional items such as the sale of a property in 2022, pre-tax profits have climbed by 26%. This growth is seen as an encouraging sign for the company.

ComfortDelGro has won contracts in Paris and Stockholm and continues to expand internationally, with a recent acquisition in Europe and a proposed acquisition of Australia's largest taxi company, pending shareholder approval. The company is in a strong financial position, with cash-generating capacity that allows it to be self-financing and to have lines of credit available without the need to raise additional funds.

Singapore remains ComfortDelGro's primary market, while it focuses on executing a strategy to maximise shareholder returns. The company is taking a disciplined approach to growing its business, both domestically and internationally.

In China, ComfortDelGro is seeing a gradual recovery, although activity levels have not yet returned to those prior to the COVID-19 pandemic. The company operates 9,000 taxis there, 65% of which are fully electric.

In Singapore, the company is looking forward to a review of the transport sector, which could lead to fairer competition and a stronger taxi market. To meet growing demand, ComfortDelGro is looking to attract more taxi drivers and diversify employment schemes to make the profession more attractive. Labour constraints remain a constant challenge for the sector.

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