REG - Jardine Matheson Hdg - JC&C Interim Management Statement

Jardine Matheson HoldingsAnnouncement

30/04/2025 12:30

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RNS Number : 8663G  Jardine Matheson Hldgs Ltd  30 April 2025

 

To:  Business Editor
            30 April 2025

 
                               For immediate release

Jardine Cycle & Carriage Limited
Interim Management Statement

The following announcement was issued today by the Company's 85%-owned
subsidiary, Jardine Cycle & Carriage Limited.

For further information, please contact:

Jardine Matheson

Joey Ho
                           (65) 9765 0717

Brunswick Group

Ben Fry
                            (65) 9017 9886

30th April 2025

JARDINE CYCLE & CARRIAGE LIMITED

INTERIM MANAGEMENT STATEMENT

Jardine Cycle & Carriage ("JC&C" or "the Group") today issues its
Interim Management Statement for the first quarter of 2025. In the first three
months of 2025, the Group recorded lower contributions from most of its
businesses.

Indonesia

Astra reported a decrease in underlying profit, excluding fair value
adjustments from its equity investments. Its contribution to JC&C was
further impacted by the weaker Indonesian Rupiah. Astra's financial services,
agribusiness and infrastructure units saw improved performance, while its
automotive & mobility, and heavy equipment and mining businesses reported
lower earnings.

·    Financial services posted higher earnings mainly due to larger loan
portfolios, reflecting strong growth in multipurpose financing and increased
market share of new vehicle financing.

·    Agribusiness' earnings improved due to higher crude palm oil selling
prices and higher sales volumes of crude palm oil and its derivatives.

·    The infrastructure division's earnings growth was supported by higher
toll traffic revenues.

·    The automotive & mobility businesses reported a decline in profit
due to lower car and motorcycle sales, which were largely in line with lower
wholesale market volumes. Astra's market share remained resilient.

·    Heavy equipment and mining's profit was down, as a decline in coal
prices led to a decrease in coal mining revenues and a reduction in coal
mining contracting volumes. These were partly offset by higher gold prices and
sales volumes.

 

Tunas Ridean similarly saw lower car sales and lower profits during this
period.

Vietnam

THACO recorded an increase in automotive sales volume, but its contribution to
JC&C was impacted by the weaker Vietnamese Dong.

In April 2025, JC&C increased its shareholding in Refrigeration Electrical
Engineering Corporation ("REE") from 41.4% to 41.6% through several market
purchases. The first quarter's performance of REE will be included in
JC&C's half-year results.

Regional Interests

Cycle & Carriage in Singapore achieved higher sales volume of new and used
cars. Cycle & Carriage in Malaysia continued to transition well into
agency model.

Recent heightened global trade tensions have created uncertainties in the
macroeconomic environment. While the direct impact on the Group's businesses
is unlikely to be significant, the Group is cautious over the knock-on effects
on the markets in which the Group operates, particularly on currency rates and
consumer sentiment.

CORPORATE PROFILE

Jardine Cycle & Carriage ("JC&C" or "the Group") is an investment
holding company with a strategic focus on the fast-growing economies of
Indonesia and Vietnam. Our portfolio comprises market-leading businesses
across different sectors in these countries, alongside further interests in
other regional markets.

Indonesia:

•     Astra (50.1% owned) is an excellent proxy for Indonesia, with
leadership positions in automotive, financial services, heavy equipment,
mining, construction & energy, agribusiness, infrastructure, IT and
property.

•     Tunas Ridean (49.9% owned), one of the largest automotive
dealerships in Indonesia.

Vietnam:

•     Truong Hai Group Corporation (26.6% owned), Vietnam's automotive
market leader and largest private business group in the country, has
significant interests in agriculture, real estate, logistics, infrastructure
construction, and retail.

•     REE Corporation (41.6% owned), the first publicly listed company
in Vietnam, participating in power and utilities, including renewable energy,
as well as property development and office leasing, and mechanical &
electrical engineering.

•     Vinamilk (10.6% owned), the leading dairy producer in Vietnam.

Regional Interests:

•     Cycle & Carriage, a leading automotive dealership group with
an extensive network in Singapore (100% owned) and Malaysia (97.1% owned).

•     Toyota Motor Corporation (0.1% owned), a leading multinational
automotive manufacturer and the best-selling automotive brand in Indonesia.

Headquartered in Singapore, JC&C is listed on the Mainboard of the
Singapore Exchange. JC&C is 85%-owned by the Jardine Matheson Group.

For more information on JC&C and our businesses, visit www.jcclgroup.com
(http://www.jcclgroup.com) .

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