Jardine Cycle & Carriage profit falls 22% in 2024

Revenue remained unchanged at $30.1b ($22.3b).

Jardine Cycle & Carriage (JC&C) reported a 22% decline in profit attributable to shareholders, falling to $1.28 b ($946m) in 2024.

The company’s full-year revenue remained unchanged at $30.1b ($22.3b).

Underlying profit fell 5% to $1.48b ($1.1b), mainly due to foreign exchange differences. Without currency translation impacts, it would have risen 3%.

Corporate costs rose from $70.1m ($52m) to $111.9m ($83m), following a swing from a $29.7m ($22m) foreign exchange gain in 2023 to a $22.9m ($17m) loss in 2024. Lower corporate net debt helped offset some of the increase, reducing financing charges by $10.8m ($8m).

JC&C cut its consolidated net debt—excluding Astra’s financial services subsidiaries—to $316.9m ($235m), down from $1.55b ($1.15b) in 2023. The Group’s corporate net debt dropped to $1.1b ($816m ), whilst Astra’s financial services net debt rose from $4.6b ($3.4b) to $5b ($3.7b).

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