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.