REG - Jardine Matheson Hdg - JC&C Interim Management Statement

Jardine Matheson HoldingsAnnouncement

27/04/2022 11:30

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RNS Number : 5457J  Jardine Matheson Hldgs Ltd  27 April 2022

 

To:  Business Editor
                     27th April 2022

 
                                       For immediate
release

Jardine Cycle & Carriage Limited

Interim Management Statement

The following announcement was issued today by the Company's 75%-owned
subsidiary, Jardine Cycle & Carriage Limited.

For further information, please contact:

Jardine Matheson Limited

Joey Ho
                             (65) 9765 0717

Brunswick Group Limited

Ben Fry
                              (65) 9017 9886

27th April 2022

JARDINE CYCLE & CARRIAGE LIMITED

INTERIM MANAGEMENT STATEMENT

Jardine Cycle & Carriage ("JC&C" or "the Group") today issues its
Interim Management Statement for the first quarter of 2022.

JC&C delivered an improved performance in the first three months of 2022,
compared to the same period last year, mainly due to higher contributions from
Astra and Other Strategic Interests.

Astra reported an 84% increase in earnings, driven primarily by the domestic
economic recovery and higher commodity prices. Astra's increased car sales
benefited from luxury sales tax incentives, and Astra's financial services
division recorded higher lending volumes. The heavy equipment and mining
division saw a strong performance, with increased heavy equipment sales and
higher coal selling prices. In addition, Astra's agribusiness division
recorded higher crude palm oil prices.

Direct Motor Interests saw a relatively stable performance overall. Tunas
Ridean delivered improved profits, reporting higher contributions from its
automotive, financial services and vehicle rental operations. There was also
improved performance by Cycle & Carriage Bintang in Malaysia, with the
continuation of the government sales tax reduction and the implementation of
cost control initiatives. Cycle & Carriage in Singapore, however, recorded
lower sales under challenging trading conditions due to high COE prices and
stock supply shortages.

Other Strategic Interests continued to perform well, as THACO achieved higher
automotive sales and margins mainly due to an improved sales mix, supported by
a reduction in registration fees for locally-assembled vehicles. Siam City
Cement, however, was affected by high energy costs and the devaluation of the
Sri Lanka rupee.

While the Group is encouraged by the good performance achieved in the first
quarter, it remains cautious about the uncertainties arising from the pandemic
and geopolitical tensions for the rest of the year.

CORPORATE PROFILE

Jardine Cycle & Carriage is the investment holding company of the Jardine
Matheson Group in Southeast Asia. JC&C seeks to grow with Southeast Asia
by investing in market-leading businesses based on the themes of urbanisation
and the emerging consumer class. The Group works closely with its businesses
to enable them to achieve their potential and elevate their communities.

The Group has a 50.1% interest in Astra, a diversified group in Indonesia,
which is also the largest independent automotive group in Southeast Asia.

JC&C also has significant interests in Vietnam, including 26.6% in THACO
Corporation, 31.2% in Refrigeration Electrical Engineering Corporation and
10.6% in Vinamilk. Its 25.5%-owned Siam City Cement also has a presence in
South Vietnam and operates in Thailand, Sri Lanka, Cambodia, and Bangladesh.

The Direct Motor Interests in JC&C's portfolio are the Cycle &
Carriage businesses in Singapore, Malaysia and Myanmar, and 46.2%-owned Tunas
Ridean in Indonesia.

JC&C is a leading Singapore-listed company, 75%-owned by the Jardine
Matheson Group. Together with its subsidiaries and associates, JC&C
employs around 240,000 people across Southeast Asia.

 

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