Jardine C&C says the group’s financial position remains strong, with shareholders’ funds at US$6.1 billion and net asset value per share at US$15.56 at the year end, albeit down by 4% from the end of 2017, due to translation losses resulting from the weaker Rupiah. The group says it continues to invest, with capital expenditure and investments amounting to US$3.1 billion in 2018. Consolidated net debt, excluding financial services companies, was US$2.2 billion at Dec 31 2018, representing gearing of 16%.
The board is recommending a final one-tier tax dividend of 69 US cents per share which, together with the interim dividend, will produce a total dividend for the year of 87 US cents per share.
In its outlook, the group says Astra is likely to face a number of macro-economic and commercial headwinds in 2019, while the group’s Direct Motor Interests and Other Strategic Interests may also see slower growth.
Meanwhile, Astra will continue to seek opportunities in Indonesia to expand its existing activities and move into new sectors. In 2018, Astra expanded its operations with further investments in toll roads, mining and property, as well as an interest in Gojek, Indonesia’s leading multi-platform technology group.
Shares in Jardine C&C closed 21 cents higher at $36.63 on Wednesday.
