This was driven by significantly lower contribution from Zhongsheng and a reduced profit from Hongkong Land as a result of the non-cash impairments it incurred in respect of its build-to-sell segment on the Chinese mainland.
The group says that contributions from Jardine Cycle & Carriage (JC&C) and Jardine Pacific were also moderately lower and Mandarin Oriental’s results were in line with the prior year, but there were stronger performances by both DFI and Astra.
There were net non-trading losses in 2024 of US$1.94 billion, consisting primarily of fair value losses of US$1.21 billion arising from the revaluation of the group’s investment properties portfolio, impairment of goodwill and the interests in associates totalling US$568 million and other non-trading items of US$251 million, offset by gains of US$89 million on the sale of properties and revaluation of other investments.
The group’s cashflow from operating activities came in 9% higher y-o-y at US$5 billion.
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Separately, Jardine Matheson’s revenue for FY2024 came in 1% y-o-y lower at US$35.8 billion.
The group’s net borrowings decreased by US$1.1 billion to US$7.3 billion, with a gearing that dropped 1% to 14%.
The parent group’s free cashflow grew 12% y-o-y to US$875 million,
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The board is recommending a final dividend of US$1.65 per share, which produces an unchanged full-year dividend of US$2.25 per share.
Shares in Jardine Matheson closed flat at US$58.38 on March 10.
