Yahoo Finance 
Jardine Matheson Holdings profit up 51.22% to $5b in 2017
Its profits from Mainland China grew 18% thanks to land and manufacturer acquisitions.
Jardine Matheson Holdings (JMH) popped the champagne in 2017 as its profits soared 51.22% YoY from $3.3b (US$2.5b) in 2016 to $5b (US$3.79b) in 2017.
According to its financial statement, Mainland China continued to grow in importance for the group, as its contribution to profits rose to 18%. A 28% shareholding was taken in Greatview, the second-largest supplier of aseptic carton packaging in China.
Hongkong Land secured five further development projects in mainland China during 2017, including in the new markets of Wuhan, Nanjing and Hangzhou. The retail component of its luxury retail and hotel complex in Beijing, WF CENTRAL, was opened in late 2017.
In January 2018, Hongkong Land secured a prime commercial site in Nanjing city centre, which has a developable area of 235,000 sqm.
In Southeast Asia, Jardine Cycle & Carriage continued to build its business interests, acquiring a 10% shareholding in Vinamilk, the leading dairy producer in Vietnam with a market share of some 58%. An initial dividend contribution of US$9m was recognized on the acquisition.
JSH chairman Henry Keswick noted that Hongkong Land secured further development projects in Singapore and Vietnam, together with a joint-venture interest in a prime freehold site in Bangkok.
"Astra in Indonesia is expanding its operations further with investments in toll roads, energy and property. In February 2018, Astra acquired a minority stake in GO-JEK, Indonesia’s leading multi-platform technology group," Keswick added.
"The Group’s new investments in Greatview and Vinamilk are in line with its strategy of taking stakes in leading companies that are benefiting from the opportunities offered by the economic development of the region and the growth of the middle classes. Investments are being made in strong companies with first class management teams that can accelerate the Group’s exposure to fast growing markets," he said.
The final dividend of $1.6 (US$1.20) per share will be payable on 16 May 2018, subject to approval at the Annual General Meeting.
More From Singapore Business Review
