Jardine Cycle & Carriage Limited (JC&C) announced a 5% decline in underlying profit for 2024, totalling US$1.1 billion, as revealed in their latest financial statements. Despite adverse market conditions, the company managed to maintain a resilient performance, particularly in Indonesia, where strong results in the motorcycle, financial services, and infrastructure sectors helped offset a weaker car market and declining coal prices.
The company has proposed a final dividend of US¢84 per share, bringing the total dividend for the year to US¢112, a 5% decrease from 2023. John Witt, Chairman of JC&C, expressed confidence in the company’s core businesses, stating they are “well-positioned to benefit from strong mid- and long-term prospects” as consumer sentiment improves.
JC&C’s strategic developments in 2024 included the sale of its 25.5% interest in Siam City Cement for $344 million and increased investment in Refrigeration Electrical Engineering Corporation, raising its stake from 34.9% to 41.4% for $99 million. Additionally, Astra, a key subsidiary, expanded its healthcare presence by acquiring a 95.8% interest in Heartology Cardiovascular Hospital for $40 million and increasing its stake in Halodoc, Indonesia’s leading healthcare platform.
The company also focused on reducing net debt, which fell to $235 million by the end of 2024, down from $1.145 billion in 2023, excluding Astra’s financial services subsidiaries. Looking forward, JC&C remains optimistic about its diverse portfolio’s ability to capitalise on recovering consumer sentiment and market opportunities.
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