Jardine Matheson maintains dividend as profit down; hails performance
Jardine Matheson Holdings Ltd on Monday said it performed resiliently in a challenging market environment amid a diversified portfolio.
The Hong Kong-based holding company with interests in retail, property, hotels and motor dealerships said pretax profit dived 57% to $1.43 billion in 2024 from $3.31 billion in 2023.
Underlying pretax profit fell 12% to $4.41 billion from $5.03 billion.
Revenue declined 0.7% to $35.78 billion from $36.05 billion.
The company said it benefited from the sector and geographic diversity of its portfolio, despite challenging conditions on the Chinese mainland which adversely impacted Zhongsheng and Hongkong Land.
Loss from a change in fair value of investment properties widened 24% to $2.21 billion from $1.78 billion.
Jardine Matheson declared a final unchanged dividend of $1.65 per share, bringing the total payout for 2024 to $2.25, the same as a year prior.
Managing Director John Witt said: ‘The group’s overall performance in 2024 was resilient in a challenging market environment, as we benefitted from our diversified portfolio. With enhanced boards, strengthened leadership teams executing new strategies across our portfolio companies, and a sharpened focus going forward on shareholder returns, Jardines is well-positioned, as an engaged investor, to take advantage of opportunities for mid- and long-term growth. In the coming year we expect broadly stable results, excluding the impact of the Hongkong Land impairments in 2024.’
Jardine Matheson shares were flat at $62.50 each on Monday afternoon in London.
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