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- Underlying net profit 11% lower at US$1.47 billion (1% lower excluding Hongkong Land impairments)
- Record Astra contribution, reinforced by increased JM stake in Jardine Cycle & Carriage (JC&C) (+6.7%)
- Strong recovery at DFI Retail (DFI), offset by lower earnings from Zhongsheng
- New Hongkong Land strategy; portfolio simplifications at DFI and JC&C; increased JM stake in Mandarin Oriental (+7.8%)
- Group net borrowings^ US$1.1 billion lower at US$7.3 billion (gearing 1% down at 14%)
- Parent free cashflow§ up 12% to US$875 million
- Full year dividend held at US$2.25 per share
^Excludes net borrowings of financial services companies
§Represents recurring dividends received from subsidiaries, associates, joint ventures and other investments, less corporate costs and net interest expenses
2024 financial highlights
Revenue (US$ billion)
US$0bn
DPS (US$)
US$0
Underlying EPS* (US$)
US$0
Reported EPS (US$)
(US$0)
Cash flows from operating activities (US$ billion)
US$0bn
Net borrowings and gearing^ (US$ billion/%)
US$0bn & 0%
Results summary
|
2024
US$m |
2023
US$m |
Change
% |
|
|---|---|---|---|
|
Revenue
|
35,779
|
36,049
|
(1)
|
|
Underlying profit* before tax
|
4,412
|
5,034
|
(12)
|
|
Underlying profit* attributable to shareholders
|
1,471
|
1,661
|
(11)
|
|
(Loss)/profit attributable to shareholders
|
(468)
|
686
|
n/a
|
|
Shareholders’ funds
|
27,880
|
29,010
|
(4)
|
|
US$ |
US$ |
% |
|
|
Underlying earnings* per share
|
5.07
|
5.74
|
(12)
|
|
(Loss)/earnings per share
|
(1.61)
|
2.37
|
n/a
|
|
Dividends per share
|
2.25
|
2.25
|
–
|
*The Group uses ‘underlying net profit’ in its internal financial reporting to distinguish between ongoing business performance and non-trading items, as more fully described in note 41 to the financial statements. Management considers this to be a key measure which provides additional information to enhance understanding of the Group’s underlying business performance. Underlying net profit refers to underlying profit attributable to shareholders.
^Excludes net borrowings of financial services companies
§Represents recurring dividends received from subsidiaries, associates, joint ventures and other investments, less corporate costs and net interest expenses
2024 underlying net profit breakdown by geography
Indonesia
Hong Kong & Macau
Chinese mainland
Other SEA countries
Rest of the World (ROW)
Vietnam
Note: % excludes Corporate and other interests and Hongkong Land impairments
2024 underlying net profit breakdown by business
Astra
Hongkong Land
DFI Retail
Jardine Pacific
JC&C (excl. Astra)
Zhongsheng
Mandarin Oriental
Note: % excludes Corporate and other interests and Hongkong Land impairments
15-year total shareholder return
Source: Bloomberg
Total shareholder return (%)
Source: Bloomberg
- Record earnings in local currency terms, despite impact of softer car sales and lower coal prices
- Further strengthening of core businesses
- Accelerating growth investments in energy transition and healthcare
- New strategic direction focused on growing ultra-premium integrated commercial property portfolio in Asia’s gateway cities
- Flagship investments: LANDMARK HK transformation and Shanghai West Bund project
- Resilient recurring earnings from Prime Properties Investment despite headwinds and Build-to-sell impairments
- Resilient earnings: 3% underlying net profit growth at CER#
- Continued active portfolio management. Recycled US$387 million from non-core assets and increased Vietnam exposure
- Reduced net debt to support future investment
- 30% underlying net profit growth: Convenience strong contributor
- Continued portfolio simplification: Yonghui and Indonesia Food divestments
- Execution excellence: Market share gains across most formats and improved cost discipline
- New strategy to accelerate brand-led management business
- Promising early delivery: 15% growth in recurring hotel management fees
- Accelerated development: three hotel openings and eight new management contracts signed
- Challenging conditions in new car market
- Partnered with Seres to distribute and service AITO vehicles
- Scaling of Zhongsheng-branded auto services
- Initiated strategic review of portfolio
- Continued portfolio simplification with divestment of Jardine Aviation
- Resilient performance from B2B businesses. Turnaround initiatives launched in B2C businesses
#Constant Exchange Rates (CER)
