Jardine Cycle & Carriage (C07) H1 2024 earnings summary

Executive summary

• Underlying profit for H1 2024 fell 14% year-over-year to US$500 million, mainly due to weaker regional currencies, softer demand, and lower commodity prices in Indonesia and Vietnam.

• Profit attributable to shareholders dropped 25% to US$483 million.

• Revenue declined 8% to US$10.7 billion, primarily from lower sales in Astra's automotive, heavy equipment, and coal mining operations.

• Interim dividend per share maintained at US¢28 (SGD 0.28), unchanged from 2023.

• Active portfolio management continues, including monetising non-core assets and investing in growth opportunities.

Financial highlights

• Indonesia contributed US$513 million (down 9%), Vietnam US$31 million (down 12%), and regional interests US$24–25 million (down 13%).

• Net profit was US$483 million, a 25% decrease; underlying EPS fell 14% to US¢127.

• Net asset value per share was US$19.6 at 30 June 2024, down from US$20.3 at end-2023.

• Net debt (excluding Astra FS) reduced to US$543 million from US$1,145 million at end-2023; gearing (excl. FS) improved to 3%.

• Cash generated from operations increased to US$2.23 billion from US$2.02 billion year-over-year.

Outlook and guidance

• Management expects resilient performance for the rest of 2024, with confidence in sustainable long-term growth despite ongoing FX and commodity headwinds.

• Continued focus on aligning strategies, capital allocation, and leadership to strengthen future earnings.