Jardine Matheson (J36) H2 2024 earnings summary

Executive summary

• Focused on delivering superior long-term shareholder returns through disciplined capital allocation, active portfolio management, and a sharpened role as an engaged long-term investor.

• Strengthened governance and leadership across portfolio companies, with enhanced boards, new INEDs, and incentive frameworks.

• Continued portfolio simplification, including disposals of non-core assets and increased stakes in JC&C and Mandarin Oriental.

• Sustainability and climate action integrated into investment appraisals, with improved ESG ratings and decarbonization progress.

• New strategies at Hongkong Land, DFI, and Mandarin Oriental, positioning for mid- and long-term growth.

Financial highlights

• Revenue was US$35.8bn, up 1% vs 2023; underlying net profit fell 11% to US$1.47bn, mainly due to non-cash impairments at Hongkong Land.

• Underlying EPS was US$5.07, down 12%; full-year dividend maintained at US$2.25 per share.

• Net non-trading loss of US$1.94bn, mainly from property revaluations and impairments; net loss attributable to shareholders was US$468m (vs. US$686m profit in 2023).

• Net borrowings reduced by US$1.1bn to US$7.3bn; gearing improved to 14%.

• Operating cash flow rose 9% to US$5.0bn; parent free cash flow up 12% to US$875m; CapEx over US$2bn.

Outlook and guidance

• Results expected to be broadly stable in 2025, excluding 2024 Hongkong Land impairments.

• Focus on strategy execution, capital recycling, and mid- to long-term growth; no specific quantitative earnings growth targets due to market uncertainty.

• Group is well-positioned for long-term shareholder value creation, supported by a diversified portfolio and strengthened leadership.