Jardine Cycle & Carriage net profit slips 2% to $464m in H1

The group sold stakes in Vinamilk and Toyota for $240m and $187m, respectively.

Jardine Cycle & Carriage’s (JC&C) net profit attributable to shareholders fell 2% year-on-year to $464m (US$363m) in the first half of the year.

Revenue declined 8% to $12.78b (US$9.99b), whilst underlying profit attributable to shareholders dropped 11% to $605m (US$473m).

The group attributed the lower underlying profit to weaker contributions from its Indonesia and Singapore businesses, reduced dividend income, and the absence of foreign exchange gains recorded a year earlier.

Indonesia’s contribution to underlying profit fell 8% to $547m (US$428m). Lower earnings from Astra’s mining solutions and heavy equipment businesses offset improvements in the automotive and financial services businesses.

Vietnam’s contribution rose 21% to $55m (US$43m), supported by higher contributions from THACO and REE.

Regional interests contributed $20m (US$16m), down 24%, as Cycle & Carriage’s contribution declined 28% to $15m (US$12m).

JC&C divested partial interests in Vinamilk and Toyota Motor Corporation for $240m (US$188m) and $187m (US$146m), respectively, during the period.

Its corporate net debt fell to $366m (US$286m) at end-June from $738m (US$577m) at end-2025.

Meanwhile, the board maintained its interim dividend at 36 Singapore cents (US¢28) per share and proposed a special dividend of approximately 93 Singapore cents (US¢73) per share.

The special payout comprises 47 Singapore cents (US¢37) in cash and about 46 Singapore cents (US¢36) through a distribution of the group’s remaining Toyota shares.

The group also proposed changing its name to Jardine Matheson Southeast Asia Limited, subject to shareholder and regulatory approvals.

$1 = US$0.78

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