REG - Jardine Matheson Hdg - Interim Management Statement

Jardine Matheson HoldingsAnnouncement

14/11/2024 10:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20241114:nRSN2764Ma&default-theme=true

RNS Number : 2764M  Jardine Matheson Hldgs Ltd  14 November 2024

14 November 2024

For immediate release

The following announcement was issued today to a Regulatory Information
Service approved by the Financial Conduct Authority in the United Kingdom.

Jardine Matheson Holdings Limited
Interim Management Statement

14 November 2024 - Jardine Matheson Holdings Limited (the 'Company') today
publishes its Interim Management Statement for the third quarter of 2024.

The performance of the Jardine Matheson Group (the 'Group') portfolio in the
third quarter was ahead of the same period last year, with stronger
performances from almost all businesses.

Astra reported higher net income, with increased earnings from its Financial
Services, Heavy Equipment and Mining, Infrastructure and Logistics
divisions.  Net income from the Automotive division was lower, reflecting a
soft national car market, while earnings from the Agribusiness division were
stable.

Hongkong Land announced a new strategic direction in October, with the aim of
becoming the leading real estate business in Asia's gateway cities focused on
ultra-premium integrated commercial properties.  It will simplify its
business to focus on Investment Properties, generating growth in long-term
recurring income, and will no longer invest in the build-to-sell segment,
instead actively recycling capital from this business segment.  The group
will complete the construction of all committed projects, with inventory
levels reducing as sales complete over the coming years.

Hongkong Land's underlying profit in the period was higher than the third
quarter of 2023, principally due to a higher number of build-to-sell property
completions on the Chinese mainland.  The results of the group's Investment
Properties business were slightly below the same period last year, driven by a
weaker contribution from the LANDMARK retail portfolio in Hong Kong, although
the CENTRAL office portfolio outperformed the overall market.

DFI Retail Group ('DFI') reported year-on-year underlying net profit growth,
with improved profit performance by subsidiaries (despite lower underlying
sales) more than offsetting lower contributions from associates.  The Food,
Convenience and Health and Beauty divisions all saw profit growth, but the
Home Furnishings division performed less well in the period.  Maxim's
reported lower third-quarter profit, and Yonghui's performance was weaker.
In September 2024, DFI announced that it had agreed to divest its stake in
Yonghui for approximately US$640 million.

JC&C saw an improvement in performance from non-Astra interests in the
third quarter, compared to the prior year.  Cycle & Carriage performed
well, whilst REE and THACO reported weaker performance.  In August 2024,
JC&C sold its stake in Siam City Cement for net proceeds of
US$344 million.

Jardine Pacific's overall contribution in the third quarter was higher than in
the same period last year, with improved profits from Jardine Schindler, JEC
and Gammon.  Jardine Pacific's consumer businesses, however, continued to
face difficult conditions.  Jardine Restaurants recorded a smaller net loss,
but Zung Fu's performance was weaker.

Mandarin Oriental's underlying profit in the third quarter fell slightly
compared with the same period last year, due to lower branding fees.  The
group's Management Business generated stronger hotel management fee income and
improved profit in the third quarter, while Owned Hotels recorded solid
improvements in earnings.  Four new hotel and residences management contracts
were signed in the period.

As noted at the half-year, the Group's full year underlying profits are
expected to be modestly down against 2023.  This primarily reflects the
Group's share of expected non-cash impairment charges in Hongkong Land's
build-to-sell business on the Chinese mainland in the first half, in addition
to first-half headwinds including lower new car sales margins at Zhongsheng
and commodity prices at Astra.  We remain confident in the economic
resilience of the Group's markets and believe we are well positioned to
benefit from their recovery.

********

Jardine Matheson
Jardine Matheson is a diversified Asian-based group founded in China in 1832,
with unsurpassed experience in the region. Its broad portfolio of
market-leading businesses is well positioned to capture the themes of
urbanisation and the rising middle-income population in Asia. The Group's
businesses aim to produce sustainable returns by providing their customers
with high quality products and services. The Group is committed to driving
long-term sustainable success in our businesses and our communities.

Jardine Matheson Holdings Limited is incorporated in Bermuda and has a primary
listing in the equity shares (transition) category of the London Stock
Exchange, with secondary listings in Bermuda and Singapore.

- end -

 

For further information, please contact:

Jardine Matheson

Graham Baker / Suzanne
Cheuk
(852) 2843 8218 / 8262

Brunswick Group

William
Brocklehurst
(852) 5685 9881

This and other Group announcements can be accessed online
at www.jardines.com.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCGPGRCGUPCUBC