Jardine Cycle & Carriage (C07) H2 2024 earnings summary

Executive summary

• Underlying profit for 2024 was $1.1 billion, down 5% year-over-year, reflecting resilience despite FX headwinds.

• Total dividend declared was $1.12 per share, maintaining a 40% payout ratio.

• Balance sheet strengthened with holding company debt reduced from $1.3 billion to $816 million.

• Portfolio reorganization emphasized Indonesian and Vietnamese markets, with a third pillar for regional interests and active capital recycling.

• Continued progress on ESG, with Scope 1 and 2 emissions reduced by 17% from 2019 baseline and renewable energy capacity doubled.

Financial highlights

• Underlying profit declined 5% to $1.1 billion, mainly due to FX losses.

• Net profit declined 22% year-over-year to $946 million.

• Shareholders' funds at $8.3 billion; consolidated net debt (ex-Astra Financial Services) at $235 million, down from $1.1 billion.

• Underlying EPS fell 5% to 279 US¢; total dividend per share was $1.12, down 5%.

• Net debt (corporate) reduced by 35% to $816 million; gearing (excl. FS) dropped to 1%.

Outlook and guidance

• Expecting improvements in Indonesian business and recovery in Vietnam for 2025.

• Continued focus on portfolio resilience, capital recycling, and targeted investments to drive shareholder value and sustainable earnings growth.

• ESG initiatives remain a priority, with ongoing decarbonisation and internal carbon pricing for new investments.