Jardine Cycle & Carriage FY2021 profit rises in tandem with revenue

JARDINE Cycle & Carriage (J C&C) reported a 22 per cent increase in FY2021 ending Dec 31 earnings from US$540 million to US$661 million, in a filing on Monday (Feb 28).

The mainboard-listed investment holding company's FY2021 revenue grew 34 per cent from US$13.2 billion to US$17.7 billion. The underlying profit for FY2021 jumped 83 per cent from US$429 million to US$786 million.

The company has proposed a final dividend of US$0.62 per share, bringing the total dividend to US$0.80 for FY2021, 86 per cent higher than in FY2020.

Earnings per share for FY2021 also increased from US$0.61 to US$1.10.

The earnings growth was mainly driven by increase across all business units. Astra raised its profit contribution from US$309 million to US$655 million - this was due to improved performances in its automotive, financial services, heavy equipment and mining, and agribusiness operations.

Direct motor interests contributed to an increased underlying profit of US$39 million, up from US$14 million a year ago, due to improved contributions from Cycle & Carriage Singapore and Tunas Ridean. Other Strategic Interests contributed an increased underlying profit of US$151 million due to improved contributions from THACO's automotive operations.

"The pandemic remains a significant risk to performance in 2022, but the Group is optimistic about the long-term economic prospects of South-east Asia, and is well placed to benefit from its growth opportunities," said Ben Keswick, chairman of Jardine Cycle & Carriage.

Shares of J C&C closed up 0.2 per cent or S$0.04 at S$21.84 on Monday.