Weaker domestic currencies in Indonesia and Vietnam impacted the overall profit contribution in US dollar terms for the business.

Jardine Cycle & Carriage (JC&C) has reported earnings of US$946 million ($1.3 billion) for FY2024 ended Dec 31, 2024, down 22% y-o-y. 

The group’s earnings per share for the period was 239 US cents.

Revenue for the FY2024 came in at $22.3 billion, and underlying profit declined 5% y-o-y to US$1.10 billion. Astra in Indonesia reported stable earnings in local currency, but its contribution to the group declined 3% y-o-y. 

Vietnam’s contribution remained unchanged at US$103 million. 

The group says that in Indonesia, strong performances from the group’s motorcycle, financial services and infrastructure businesses offset the impact of a weaker car market and lower coal prices. Weaker domestic currencies in Indonesia and Vietnam impacted the overall profit contribution in US dollar terms from our businesses there.

The group continues to focus on reducing its net debt in 2024. It sold its 25.5% interest in Siam City Cement for US$344 million, and released a further US$43 million from its regional interests mainly through property sales in Malaysia. 

JC&C increased its shareholding in refrigeration electrical engineering corporation (REE) to 41.4% for US$99 million.

Its Indonesian subsidiary Astra acquired a 95.8% interest in Heartology Cardiovascular Hospital for US$40 million, and increased its ownership in Halodoc from 21% to 31.3% for around US$55 million.

The board is proposing a total dividend of 112 US cents per share, 5% lower than in FY2023. 

Shares in Jardine Cycle & Carriage C07 closed 6 cents higher or 0.225% up at $26.72 on Feb 27.