(Alliance News) - 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 USD1.43 billion in 2024 from USD3.31 billion in 2023.
Underlying pretax profit fell 12% to USD4.41 billion from USD5.03 billion.
Revenue declined 0.7% to USD35.78 billion from USD36.05 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 USD2.21 billion from USD1.78 billion.
Jardine Matheson declared a final unchanged dividend of USD1.65 per share, bringing the total payout for 2024 to USD2.25, 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 USD62.50 each on Monday afternoon in London.
By Tom Budszus, Alliance News slot editor
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