Jardine Matheson Holdings Ltd's 83.1%-owned subsidiary, Jardine Cycle & Carriage Limited, released its 2024 Half-Year Financial Statements and Dividend Announcement. The company reported a 14% decrease in underlying profit, amounting to US$500 million, compared to the previous year. The interim dividend per share remains unchanged from 2023 at US¢28.
The Group's businesses in Indonesia and Vietnam experienced softer consumer demand and lower commodity prices, impacting the overall profit contribution in US dollar terms. Despite these challenges, JC&C remains focused on delivering attractive returns to shareholders. The company has taken steps to strengthen future earnings through aligning strategies, capital allocation, and leadership.
JC&C reorganized its business segment reporting in 2024 to reflect its strategic market focus on Indonesia and Vietnam. The new group structure comprises three business pillars: Indonesia, Vietnam, and Regional Interests. The Group's businesses in Indonesia contributed US$513 million, a decrease of 9%, while Vietnam's contribution was 12% lower at US$30 million. JC&C's Regional Interests contributed US$25 million, down 13%.
The company also made progress in releasing US$25 million from its portfolio through monetizing non-core assets in Malaysia. Additionally, it continued to allocate capital to future market leaders and new investment opportunities, such as launching a Public Tender Offer for Refrigeration Electrical Engineering Corporation and investing in PT Supreme Energy Rantau Dedap in Indonesia.
The financial results for the six months ended 30th June 2024 have been prepared in accordance with International Financial Reporting Standards and have not been audited or reviewed by the auditors. The Group uses 'underlying profit attributable to shareholders' as a key performance measurement to distinguish ongoing business performance from non-trading items. Management considers this to enhance the understanding of the Group's underlying business performances.