Jardine Matheson posts 22% rise in underlying net profit for H1

JARDINE Matheson on Thursday (Jul 28) reported a 22 per cent increase in H1 2022 underlying net profit to US$747 million from US$615 million a year ago.

In a regulatory filing after market close, the conglomerate also announced a 4 per cent rise in revenue for the period to US$18.2 billion from US$17.5 billion a year ago.

The growth in revenue was driven by Astra’s performance, Jardine Cycle & Carriage and Hongkong Land’s improved underlying profit. Mandarin Oriental also delivered a lower underlying loss for H1.

This resulted in Jardine Matheson reporting earnings of US$423 million in the first half, reversing a loss of US$117 million in 1H 2021. South-east Asia contributed to the bulk of the conglomerate’s profit at 58 per cent, while 37 per cent came from China in H1.

The directors have declared an interim dividend of US$0.55 per share, up 25 per cent from a year ago.

The group expects that earnings growth will substantially moderate for the full year, as Covid-19 continues to impact its businesses, particularly in Hong Kong and on the Chinese mainland,” said Ben Keswick, executive chairman, Jardine Matheson.

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Shares of Jardine Matheson closed 1.5 per cent or US$0.82 higher at US$53.51 on Thursday.