Jardine Cycle & Carriage

Jardine Cycle & Carriage’s underlying profit attributable to shareholders was 83% higher than last year at US$786 million. After accounting for non-trading items, profit attributable to shareholders was US$661 million, 22% higher than the same period last year. Non-trading items in 2021 of US$125 million included unrealised fair value losses related to non-current investments.

Astra’s contribution to the group’s underlying profit increased significantly to US$655 million from US$309 million last year, reflecting improved performances from most of its businesses.

The underlying profit from Direct Motor Interests (‘DMI’) increased to US$39 million from US$14 million last year, mainly due to improved contributions from Cycle & Carriage Singapore and Tunas Ridean in Indonesia. Other Strategic Interests contributed an underlying profit of US$151 million, up 26% from the previous year.

Direct Motor Interests

Direct Motor Interests saw improved performance across its businesses, with a 58% increase in the contribution from Cycle & Carriage Singapore, supported by higher profits from its premium and used car operations. In Indonesia, Tunas Ridean’s automotive business recovered well with a contribution of US$16 million, compared with US$1 million last year, mainly due to higher profits from its automotive and financial services businesses.

Other Strategic Interests

Under Other Strategic Interests, THACO’s contribution was 60% higher than last year. Its automotive business continued to do well, as margins benefitted from an improved sales mix which offset a small decline in unit sales.

The contribution by SCCC was 18% higher than the previous year, with results benefitting from a reduction in corporate tax rates in respect of its Sri Lankan operations. Excluding the tax impact, SCCC’s contribution would have been flat, with the benefit of continued cost-saving initiatives offset by continued lower cement volumes as market demand was affected by the pandemic and reduced margins as a result of an increase in coal prices. There was an 8% higher contribution from REE, mainly due to a stronger performance by its power and water investments as a result of favourable hydrography.

The group’s investment in Vinamilk delivered slightly higher dividend income of US$39 million. Vinamilk’s net profit declined by 5% as a result of higher input and transportation costs.