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

Jardine Matheson HoldingsAnnouncement

13/11/2024 10:00

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RNS Number : 0963M  Jardine Matheson Hldgs Ltd  13 November 2024

 

To:  Business
Editor
13 November 2024

 
                                    For
immediate release

Jardine Cycle & Carriage Limited
Interim Management Statement

The following announcement was issued today by the Company's 84.6%-owned
subsidiary, Jardine Cycle & Carriage Limited.

For further information, please contact:

Jardine Matheson

Joey
Ho
                                    (65) 9765
0717

Brunswick Group

Ben
Fry
                        (65) 9017 9886

13th November 2024

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 2024. In the first nine
months of 2024, the Group's results were down slightly year-on-year.

Indonesia

Astra reported an increase in underlying profit, excluding fair value
adjustments from its equity investments. However, its contribution to JC&C
was impacted by the weaker Indonesian Rupiah.

 

·    Astra recorded lower car sales during this period due to a subdued
wholesale car market, although its market share held up. Astra's motorcycle
sales grew slightly.

·    Its financial services division recorded higher earnings on larger
loan portfolios.

·    Profit from Astra's heavy equipment and mining division was
marginally higher. An increase in mining contracting volumes, together with
higher gold prices and volumes, were partly offset by lower coal profits and
heavy equipment sales.

·    The agribusiness division's stable earnings reflected higher crude
palm oil selling prices, which were offset by lower sales volumes of crude
palm oil and its derivatives.

·    The infrastructure and logistics division's profit continued to grow,
supported by higher toll revenue and traffic.

 

Tunas Ridean similarly saw lower automotive sales volume and lower profits
during this period.

Vietnam

THACO recorded an increase in automotive sales volume due to improving
consumer sentiment, but its contribution to JC&C was impacted by the
weaker Vietnamese Dong.

REE's performance was affected by lower earnings from its power generation
business, due to unfavourable hydrology and lower hydropower demand during
this period.  In October, JC&C completed its public tender offer to
acquire additional REE shares, increasing its shareholding from 34.9% to
35.7%.

Regional Interests

Cycle & Carriage in Singapore achieved higher sales volume and margins,
but its overall profit was impacted by a lower contribution from used car
operations.

In August, JC&C sold its entire 25.54% interest in Siam City Cement, which
allowed it to recycle US$344 million of capital. The divestment is consistent
with JC&C's strategy to evolve its portfolio in line with its long-term
growth and sustainability objectives.

JC&C expects to maintain momentum in the Group's underlying performance
for the remainder of the year and remains confident that the quality of
JC&C's overall portfolio will deliver long-term growth.

CORPORATE PROFILE

Jardine Cycle & Carriage ("JC&C" or "the Group") is an investment
holding company with a strategic focus on the fast-growing economies of
Indonesia and Vietnam. Our portfolio comprises market-leading businesses
across different sectors in these countries, alongside further interests in
other regional markets.

Indonesia:

·    Astra (50.1% owned) is an excellent proxy to Indonesia, with
leadership positions in automotive, financial services, heavy equipment,
mining, construction & energy, agribusiness, infrastructure, IT and
property.

·    Tunas Ridean (49.9% owned), one of the largest automotive dealerships
in Indonesia.

 

Vietnam:

·    Truong Hai Group Corporation (26.6% owned), Vietnam's automotive
market leader and largest private business group in the country, has
significant interests in agriculture, real estate, logistics, infrastructure
construction, and retail.

·    REE Corporation (35.7% owned), the first public listed company in
Vietnam participating in power and utilities including renewable energy as
well as property development and office leasing, and mechanical &
electrical engineering.

·    Vinamilk (10.6% owned), the leading dairy producer in Vietnam.

 

Regional Interests:

·    Cycle & Carriage, a leading automotive dealership group in
Southeast Asia with an extensive network in Singapore (100% owned), Malaysia
(97.1% owned) and Myanmar (60% owned).

·    Toyota Motor Corporation (0.09% owned), a leading multinational
automotive manufacturer and the best-selling automotive brand in Indonesia.

 

Headquartered in Singapore, JC&C is listed on the Mainboard of the
Singapore Exchange and a constituent of the Straits Times Index. JC&C is
84%-owned by the Jardine Matheson Group.

 

For more information on JC&C and our businesses, visit www.jcclgroup.com
(http://www.jcclgroup.com) .

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