Jardine Cycle & Carriage

• Underlying profit of US$1,160 million, 6% higher than 2022
• Improved performances from Astra and Direct Motor Interests
• THACO performance impacted by softer Vietnamese economy
• Stable contribution from Other Strategic Interests
• Proposed final dividend of US¢90 per share, total dividend of US¢118 for the year, 6% higher than 2022

JC&C’s underlying profit attributable to shareholders increased by 6% to US$1,160 million, mainly supported by record results from Astra. After accounting for non-trading items, the group’s profit attributable to shareholders was US$1,215 million, 64% higher than the previous year. The non-trading items recorded in the year mainly comprised a US$81 million gain from the sale and leaseback of properties under Cycle & Carriage Singapore, partly offset by unrealised fair value losses of US$20 million related to non-current investments.

Astra contributed US$1,019 million to the group’s underlying profit, 12% higher than the previous year, reflecting improved performances from most of its businesses.

Direct Motor Interests contributed US$68 million, an increase of 8%, with higher profits from Tunas Ridean in Indonesia and Cycle & Carriage Bintang in Malaysia.

The contribution from the group’s Other Strategic Interests was 2% down at US$84 million, due to lower earnings reported by REE, offset by higher profits in SCCC.

THACO

THACO contributed US$36 million, 57% down from the previous year. This was mainly due to a significantly lower automotive profit, reflecting the slowdown of Vietnam’s economy, weakened consumer sentiment and greater competitive pressure. Unit sales were 28% down, with a market share decline from 23% to 21%. Losses from its agricultural operations were, however, lower than the previous year.

The group’s continued commitment to Vietnam and THACO was demonstrated by JC&C’s investment of a further US$350 million in THACO through its subscription for a five-year convertible bond.