Jardine Cycle and Carriage has reported revenue and earnings of US$17.6 billion and US$786 million respectively for its FY2021 ended December.
This represents a 34% and 83% rise y-o-y, which reflected “improvements across all parts of the portfolio.” However, Jardine noted the results were 9% lower than in 2019, prior to the start of the pandemic.
Subsidiary Astra contributed US$655 million to Jardine’s underlying profit in FY2021, compared to US$309 million in the previous year, reflecting improved performances, particularly from its automotive, financial services, heavy equipment and mining, and agribusiness operations.
Meanwhile, subsidiary Direct Motor Interests contributed an underlying profit of US$39 million, compared to US$14 million in the previous year, mainly due to improved contributions from Cycle & Carriage Singapore and Tunas Ridean.
Its Other Strategic Interests segment, which includes Jardine’s investments in THACO, Refrigeration Electrical Engineering Corporation and Vinamilk contributed an underlying profit of US$151 million, 26% up from FY2020, mainly due to improved contributions from THACO’s automotive operations.
Jardine’s corporate costs increased from US$14 million in 2020 to US$59 million, primarily due to the impact on costs of the translation of foreign currency loans.
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This led to a foreign exchange loss of US$28 million in FY2021, compared to a gain of US$24 million in the previous year.
In light of the results, Jardine’s board’s recommended a final dividend of 62 US cents per share.
This, together with the interim dividend of 18 US cents per share, will produce a total dividend for the year of 80 US cents per share, which is, 86% higher than 2020’s figure of 43 US cents a share.
Shares of Jardine C&C closed on Feb 28 at $21.84, four cents up or 0.18% higher than its previous close.
