Download the report
Share
Facebook
LinkedIn
X
Whatsapp
EmailAnnual Report 2024
long-term,
sustainable
value
Highlights
- 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
to shareholders
per share
per share
*The Group uses ‘underlying 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.
†Including expenditure on properties for sale and associates and joint ventures.
#Excluding net borrowings of financial services companies.
^Includes major associates and joint ventures.
Creating value
Delivering superior shareholder returns
Jardine Matheson’s purpose is to deliver superior, long-term returns to shareholders from a portfolio of market-leading businesses focused on Asia.
Chairman’s
statement
Jardines delivered a resilient performance in 2024, benefitting from the sector and geographic diversity of its portfolio. Challenging conditions on the Chinese mainland adversely impacted Zhongsheng and Hongkong Land, but DFI Retail saw a substantial recovery and, in Indonesia, Astra delivered another strong performance, underlining its continued importance to the Group.
Ben Keswick
Executive Chairman
Group Managing
Director’s review
With enhanced boards, strengthened leadership teams executing new strategies across our portfolio companies, and a sharpened focus going forward on shareholder returns, Jardines is well-positioned, as an engaged investor, to take advantage of opportunities for mid- and long-term growth.
John Witt
Group Managing Director
Group Finance
Director's review
As outlined in the Group Managing Director’s review, during 2024 the Group re-focused its strategy on driving long-term value creation for shareholders, as an engaged investor in a portfolio of high-quality businesses in Asia.
Graham Baker
Group Finance Director
Our portfolio
Sustainability
Jardines has focused on creating enduring value since our founding nearly two centuries ago. From the outset, we have applied a long-term perspective to growth, building resilience in our portfolio and supporting the communities we serve.
