Jardine C&C's 2021 profit attributable to shareholders 83% higher

However, it remains 9% lower than pre-pandemic levels. 

Jardine Cycle & Carriage said it achieved an overall satisfactory result in 2021, with significant recovery across its portfolio compared to 2020. The group's profit, however, remained 9% lower than pre-pandemic levels.

The group's profit attributable to shareholders was 83% higher than the previous year at $1.06b (US$786m). After accounting for non-trading items, profit attributable to shareholders was $896.4m (US$661m), 22% higher than the previous year. The non-trading items recorded in the year mainly comprised unrealised fair value losses related to non-current investments.

Astra contributed to the profit, reflecting improved performances, particularly from its automotive, financial services, heavy equipment and mining, and agribusiness operations. Meanwhile, direct motor interests contributed to the profit mainly due to improved contributions from Cycle & Carriage Singapore and Tunas Ridean.

"The pandemic is expected to remain a significant risk to performance in 2022, but the group is optimistic about the long-term economic prospects of Southeast Asia and is well placed to benefit from its growth opportunities," noted chairman Ben Keswick.

(US$1 = $1.36)