SINGAPORE: Jardine Cycle & Carriage Limited achieved good overall results in 2018, with strong growth in Astra and improved performance versus the prior year in its Direct Motor interests and other strategic interests.
Jardine Cycle & Carriage Group’s revenue for the year increased by 10% to US$19 billion, due largely to revenue growth in most of Astra’s businesses. The Group’s underlying profit attributable to shareholders was 12% higher at US$858 million and underlying profit per share was also 12% higher at US¢217.
[the_ad id=”32940″]Profit attributable to shareholders fell by 55% from US$939 million to US$420 million, after accounting for net non-trading losses of US$438 million, principally unrealized fair value losses related to non-current investments.
Astra contributed US$719 million to the Group’s underlying profit, an increase of 15%. The underlying profit from its Direct Motor Interests was 19% higher at US$145 million, while its other strategic interests contributed an underlying profit of US$71 million, up from US$34 million in the previous year.
The Group’s financial position remains strong, with shareholders’ funds at US$6.148 billion and net asset value per share at US$15.56 at the year end, albeit down by 4% from the end of 2017, due to translation losses resulting from the weaker Rupiah.
The Group continues to invest, with capital expenditure and investments amounting to US$3.1 billion in 2018. Consolidated net debt, excluding financial services companies, was US$2.2 billion at 31st December 2018, representing gearing of 16%.
The Board recommended a final one-tier tax dividend of US¢69 per share (2017:US¢68 per share) which, together with the interim dividend, will produce a total dividend for the year of US¢87 per share (2017: US¢86 per share).
The Group continues to pursue expansion in Southeast Asia by supporting the growth of Astra in Indonesia, strengthening its Direct Motor Interests, and growing its other strategic interests by investing in market-leading companies which provide exposure to new business sectors in the region.