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.