Jardine C&C's net profits skyrocketed 111% to $1.20b in 2019

Growth was anchored by its automotive arm Astra.

Jardine Cycle & Carriage’s (C&C) net profits rose more than doubled to $1.20b (US$881m) in FY2019 from $582m (US$418m) in 2018, according to a bourse filing.

Earnings per share ballooned 111% to $3.04 (US$2.23) from $1.47 (US$1.06). Dividend per share remained at $1.17 (US$0.87), whilst revenue dropped 2% to $25.3b (US$18.5b) in 2019 from $26.4b ($18.9b) the previous year.

Growth was boosted by a stable performance of its Southeast Asian independent automotive group Astra which made a $139m (US$100m) investment in GoJek in 2019. As part of the deal, Astra and GoJek will form a joint venture company to grant fleet management support for Indonesian ride-hailing online transportation system GoCar.

In May 2019, Astra also acquired a 44.5% stake in the Surabaya-Mojokerto toll road in Java for $157m (US$113m). It also completed an additional 10% stake acquisition in the Cikopo-Palimanan toll road, upping its ownership to 55%.

On the other hand, revenue from direct motor sales dipped 11% to $87m (US$63m) due to losses in the Malaysian and Singaporean car markets. Revenue from other strategic interests also fell 13%, from $200m (US$144m) in 2018 to $175m in 2019.

Also Read

Singapore and Netherlands to establish container tracking service

Singapore, Australia launch maritime decarbonisation plan

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit