Jardine Matheson’s strong Q3 performance driven by key business units

It reported strong overall performance across most of its business units.

Jardine Matheson Holdings Limited has reported a strong performance for the third quarter of 2024, revealing strong overall performance across most of its business units.

Astra International reported higher net income, driven by improved earnings in financial services, heavy equipment, mining, infrastructure, and logistics. However, the automotive division saw a decline in profits due to a weak national car market, while agribusiness remained stable.

Hongkong Land unveiled a new strategy in October, focusing on ultrapremium integrated commercial properties in Asia’s gateway cities. The company said it will focus on Investment Properties and long-term recurring income, whilst exiting the build-to-sell segment. Its Q3 underlying profit increased, driven by more property completions in mainland China, although results from the LANDMARK retail portfolio in Hong Kong were weaker.

Additionally, DFI Retail Group also reported year-on-year growth in underlying net profit, with strong performance from the food, convenience, and health & beauty divisions. However, the home furnishings division underperformed. DFI also announced plans to sell its stake in Yonghui for approximately $640m.

JC&C also saw improved performance from non-Astra businesses, particularly Cycle & Carriage. However, REE and THACO underperformed. In August, JC&C sold its stake in Siam City Cement for $344m.

Jardine Pacific’s overall contribution rose, with better results from Jardine Schindler, JEC, and Gammon. However, consumer businesses like Jardine Restaurants and Zung Fu faced ongoing challenges.

Meanwhile, Mandarin Oriental reported a small decline in underlying profit, mainly due to lower branding fees. The company’s hotel management business saw stronger income, and its owned hotels division posted solid earnings growth.

The group expects full-year underlying profits to be modestly lower than 2023, mainly due to non-cash impairment charges in Hongkong Land’s build-to-sell business in China and first-half challenges at Zhongsheng and Astra.

“We remain confident in the economic resilience of the Group’s markets and believe we are well positioned to benefit from their recovery,” it said.

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