Jardine Cycle & Carriage

Strategic developments

JC&C has been prioritising active portfolio management and disciplined capital allocation, to pay down debt and provide flexibility for further investments. In 2024, JC&C sold its 25.5% interest in Siam City Cement (SCCC), recycling US$344 million of capital. It also increased its interest in Refrigeration Electrical Engineering Corporation (REE), which owns a growing portfolio of renewable energy assets, from 34.9% to 41.4%. REE produces good returns and supports JC&C’s sustainability ambitions.

Business performance

The overall JC&C portfolio demonstrated earnings resilience in 2024, although the group’s underlying net profit was affected by foreign exchange differences which led to a 5% decline to US$1,102 million. Excluding the foreign translation impact, the group’s underlying net profit would have increased by 3%.

Indonesia

Excluding Astra (whose performance is described on pages 26 to 29), JC&C’s other Indonesian businesses contributed US$34 million to its underlying net profit, down 13%. Including Astra, the group’s Indonesian businesses contributed US$1,027 million, down 3%.

Astra contributed US$993 million, 3% lower than the previous year, due to the translation impact from a weaker Indonesian rupiah. On a local currency basis, however, Astra delivered another year of record earnings, mainly due to higher earnings from its motorcycle sales, financial services, and infrastructure and logistics businesses.

Tunas Ridean contributed US$34 million, 13% lower than last year. This was due to lower profits from its automotive operations. Motorcycle sales declined by 5% and car sales were 7% lower.

Vietnam

JC&C’s businesses in Vietnam contributed US$103 million to its underlying net profit, unchanged from the previous year.

THACO contributed US$39 million, 10% up from the previous year. There was improved profit from its automotive business, which benefitted from registration tax incentives implemented in the second half of 2024, which led to 10% higher unit sales. Its agricultural operations made a loss as the business scaled up.

REE contributed a profit of US$30 million, 6% down from 2023. Its performance was affected by lower earnings from the power generation business, due to unfavourable hydrology and lower hydropower demand.

JC&C’s holding in Vinamilk produced a dividend income of US$34 million, compared to US$35 million in the prior year.

Regional interests

Regional Interests contributed US$55 million, 9% higher than 2023.

The contribution from Cycle & Carriage was 13% higher at US$32 million. This was mainly due to improved profit from the Singapore business, which saw new car sales grow by 16% and used car sales by 22%.

JC&C sold its 25.5% interest in SCCC during the year for US$344 million, incurring a US$127 million loss on disposal.