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

Jardine Matheson HoldingsAnnouncement

09/11/2022 09:45

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RNS Number : 8344F  Jardine Matheson Hldgs Ltd  09 November 2022

 

To:  Business
Editor
9th November 2022

 
                                    For
immediate release

Jardine Cycle & Carriage Limited
Interim Management Statement

The following announcement was issued today by the Company's 76%-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

9th November 2022

JARDINE CYCLE & CARRIAGE LIMITED

INTERIM MANAGEMENT STATEMENT

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

The Group continued to perform well over the past nine months, reflecting
improvements across all parts of the portfolio.

Astra reported a 49% increase in underlying earnings excluding fair value
gains from its equity investments, with improvements across its major
divisions, supported by the domestic economic recovery and higher commodity
prices. Its automotive division benefitted from higher car sales, which offset
a decline in motorcycle sales due to temporary supply chain disruption caused
by shortages of semiconductor chips. Astra's financial services division saw
higher lending volumes and lower loan loss provisions. The heavy equipment and
mining division benefitted from higher coal prices, with increased equipment
sales. The agribusiness division saw higher crude palm oil prices, but the
impact of higher prices was offset by lower production levels.

THACO's year-to-date automotive performance benefitted from a temporary
reduction in registration fees for locally-assembled vehicles. Although the
policy expired in May, its sales and margins continued to be supported by a
good product lineup and an improved sales mix.

Direct Motor Interests saw an improved performance overall. Tunas Ridean in
Indonesia reported higher contributions from its automotive and financial
services operations. Cycle & Carriage Bintang in Malaysia recorded higher
sales volumes and margins backed by a larger order book, arising from a
temporary reduction in government sales tax. Cycle & Carriage in Singapore
saw slightly lower results, however, as sales volumes continued to be impacted
by the tightened COE cycle and stock supply shortages.

Other Strategic Interests also performed well overall, mainly due to improved
profits for REE from its hydropower investments as a result of favourable
hydrography, as well as the commissioning of three new wind power plants. Siam
City Cement's results were adversely impacted by high energy costs.

JC&C experienced a larger translation loss on its foreign currency loans
during this period than in the corresponding period last year.

While the Group's performance for the rest of the year is expected to remain
satisfactory, headwinds are arising from the challenging global macroeconomic
environment, including the effects of higher inflation and interest rates
which may impact consumer sentiment and moderate growth in Southeast Asia.

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 and
one of the largest independent automotive groups in Southeast Asia.

JC&C also has significant interests in Vietnam, including 26.6% in THACO
Corporation, 33.6% 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, 76%-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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