Jardine C&C underlying profit up 51% YoY to US$533m in H1 2022

This is supported by the higher contributions for Astra and THACO.

Jardine Cycle & Carriage (C&C) logged a 51% year-on-year (YoY) growth in underlying profit attributable to shareholders to US$522m in the first half of 2022 on the back of higher contributions from Astra and THACO.

In a statement, Jardine C&C Chairman Ben Keswick said Astra benefited from the improved economic conditions and higher commodity prices, with profit increasing by 58% YoY to $465m. THACO contributed US$54m to the underlying profit, which is 43% higher compared to the same period last year due to a strong automotive performance.

“The Group expects results in the second half of the year to remain strong, although it remains cautious as a result of global economic challenges, ongoing geopolitical developments and the continuing impact of the pandemic,” he said.

READ MORE: Astra International drives Jardine Cycle and Carriage’s improved Q1 performance

Direct Motor Interest accounted for US$28m in the profit, rising 20% YoY, he said, adding that the improved performance by Tunas Ridean in Indonesia was offset by lower profits from the Singapore operations.

Other Strategic Interests rose 13% YoY to contribute US$34m, mainly driven by higher profits from Siam City Cement and the Refrigeration Electrical Engineering Corporation. 

Profit attributable to shareholders soared by 115% YoY to US$487m, whilst its revenue increased by 29% to around US$10.7b compared to the same period last year.