To: Business Editor
29th April 2024
For immediate release
Jardine Cycle & Carriage
Limited
Interim Management
Statement
The following announcement was
issued today by the Company's 79%-owned subsidiary, Jardine Cycle
& Carriage Limited.
For further information, please contact:
Jardine Matheson Limited
Joey Ho
(65) 9765 0717
Brunswick Group Limited
Ben Fry
(65) 9017 9886
29th April 2024
JARDINE CYCLE & CARRIAGE LIMITED
INTERIM MANAGEMENT STATEMENT
Jardine Cycle &
Carriage ("JC&C" or "the Group")
today issues its Interim Management Statement for
the first quarter of 2024.
In the first three months of 2024, the Group experienced softer
trading conditions in its businesses in Indonesia and Vietnam.
Astra reported a 5% decrease in underlying profit, excluding fair
value adjustments from its equity investments.
· Car and motorcycle sales were down, reflecting subdued
economic conditions.
·
Earnings from its financial services division
improved with a larger loan portfolio.
·
Profit from its heavy equipment and mining
division was lower due to lower coal prices, which impacted coal
profits and heavy equipment sales.
·
The agribusiness division's improved earnings were
supported by higher sales of crude palm oil and its
derivatives.
·
The infrastructure and logistics division reported
improved earnings due to higher toll revenue.
THACO's automotive sales volume in
the current period were largely flat, as the business continued to
be impacted by the challenging economic environment and soft
consumer demand in Vietnam.
Direct Motor Interests saw lower
profits. Cycle & Carriage in Singapore was impacted by higher
leasing expenses as well as lower profit contribution from the used
car operations. However, new car sales volume saw a modest
improvement. Tunas Ridean in Indonesia saw lower sales volume,
reflecting the softer automotive market in Indonesia. Cycle &
Carriage Bintang in Malaysia has fully transitioned to agency model
at the start of the year.
Under Other Strategic Interests,
Siam City Cement's performance saw improved profits that were
supported by lower energy costs. The first quarter performance of
Refrigeration Electrical Engineering Corporation will be included
in JC&C's half year results.
JC&C saw foreign exchange losses
on its foreign currency loans in the current period, compared to
foreign exchange gains in the equivalent period last
year.
The remainder of the year is
expected to face headwinds, as the global geopolitical and economic
uncertainties could further weigh on the economic recovery of the
Group's markets. We remain confident that the quality of JC&C's
overall portfolio will deliver long-term growth.
CORPORATE PROFILE
Jardine Cycle & Carriage
("JC&C" or "the Group") is the investment holding company of
the Jardine Matheson Group ("Jardines") in Southeast Asia. Listed
on the Mainboard of the Singapore Exchange and a constituent
of the Straits Times Index and MSCI Singapore Index, the Group is
79%-owned by Jardines. By investing in the region's market-leading
businesses, we aim to deliver sustainable growth to create evermore
opportunities for our stakeholders in Southeast Asia.
·
Astra (50.1%-owned), a
prominent Indonesian group participating in automotive, financial
services, heavy equipment, mining, construction & energy,
agribusiness, infrastructure, IT and property.
·
Truong Hai Group
Corporation ("THACO") (26.6%-owned),
Vietnam's fast-growing business group with market-leading position
in automotive, and interests in real estate and
agriculture.
·
Direct Motor
Interests making up an extensive
dealership network through the Cycle & Carriage businesses in
Singapore (100%-owned), Malaysia (97.0%-owned) and Myanmar
(60%-owned), and Tunas Ridean (49.9%-owned)
in Indonesia.
·
Other Strategic
Interests comprising Refrigeration
Electrical Engineering Corporation ("REE") (34.9%-owned) in
Vietnam with interests in power and utilities including renewable
energy, property development and office leasing, and mechanical
& electrical engineering; Siam City Cement ("SCCC")
(25.5%-owned) operating in Thailand, Vietnam, Sri Lanka, Cambodia
and Bangladesh; and Vinamilk (10.6%-owned), the leading dairy
producer in Vietnam.
For more information on JC&C and
our businesses, visit www.jcclgroup.com.