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 enhanced leadership and governance across portfolio companies.

• Portfolio simplification, new strategies at Hongkong Land, DFI, and Mandarin Oriental, and increased stakes in JC&C and Mandarin Oriental executed.

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

Financial highlights

• Revenue was US$35.8bn, up 1% or marginally down depending on currency and disposals; underlying net profit fell 11% to US$1.47bn, mainly due to Hongkong Land impairments.

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

• Net non-trading losses totaled US$1.94bn, mainly from property revaluations and impairments; net loss attributable to shareholders was US$468m.

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

• Cash flow from operations rose 9% to US$5.0bn; parent free cash flow up 12% to US$875m, with 2x dividend cover.

Outlook and guidance

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

• Group is well-positioned for mid- and long-term growth, supported by strengthened leadership, diversified portfolio, and ongoing portfolio simplification.