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

Jardine Matheson HoldingsAnnouncement

10/11/2025 10:45

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RNS Number : 8823G  Jardine Matheson Hldgs Ltd  10 November 2025

 

To:  Business
Editor
10 November 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

10 November 2025

JARDINE CYCLE & CARRIAGE LIMITED

INTERIM MANAGEMENT STATEMENT

Jardine Cycle & Carriage ("JC&C" or "the Group") today issues its
Interim Management Statement for the third quarter of 2025.

In the first nine months of 2025, improvements were made in several of our
non-Astra businesses, in addition to favourable translation gains on corporate
loans.  Despite the lower contribution from Astra year-to-date, JC&C
expects the full-year underlying profit to be broadly similar to the previous
year, reflecting the overall resilience of our portfolio.

Indonesia

Astra reported a decrease in underlying profit in the first nine months of
2025, excluding fair value adjustments from its equity investments. The weaker
Indonesian Rupiah also impacted Astra's contribution to JC&C. Astra's
financial services, agribusiness, and infrastructure businesses saw increased
contributions, while the heavy equipment and mining businesses reported lower
earnings, and overall automotive performance was stable.

·    The automotive & mobility businesses reported lower new car
sales, with market share moderating to 53%. However, Astra's motorcycle market
share remained stable at 77%, and the automotive & mobility businesses
continued to record improvements in its used car and component manufacturing
businesses.

·    Financial services posted higher earnings mainly due to larger loan
portfolios, reflecting sustained growth in multipurpose financing.

·    Heavy equipment and mining profit was down as heavy rainfall
alongside reduced stripping ratios impacted coal mining contracting volumes,
while a decline in coal prices led to a decrease in mining revenues. These
were partly offset by higher gold prices and sales volumes.

·    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
increased tariffs and higher traffic volume.

·    Astra continued to execute several strategic developments in
September. It completed the acquisition of an 83.7% stake in Mega Manunggal
Property, Indonesia's largest industrial infrastructure and logistics property
developer; increased its ownership in Hermina Hospital to 20%, enabling Astra
to have a meaningful holding in a key asset as it continues to develop its
healthcare business pillar; as well as signing a Conditional Sale and Purchase
Agreement to acquire Arafura Surya Alam, a gold mining company, which will
present the opportunity for Astra to enlarge its gold mining business.

·    In October, Astra and United Tractors announced share buyback
programmes of up to Rp2 trillion each. Under these programmes, shares will be
repurchased in accordance with the Financial Services Authority regulation
related to share buyback under significantly fluctuating market conditions.
These programmes are intended to support the government in maintaining
stability of the capital market, and reflect management's confidence in the
companies' prospects, its ability to generate sustainable cash flows and
improve shareholder returns.

 

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

Vietnam

THACO recorded higher automotive sales volume, supported by higher commercial
vehicle sales. However, it faced greater competitive pressure in the passenger
car segment, impacting market share and margins.

REE posted higher profits due to stronger earnings from its power generation
business, driven by improved hydrology conditions. Its contribution to
JC&C was also higher because of JC&C's increased shareholding to
41.6%.

Regional Interests

Cycle & Carriage achieved higher profits. This was driven mainly by higher
used car sales, the delivery of electric buses under tender projects, and
higher aftersales throughput in Singapore.

CORPORATE PROFILE

Jardine Cycle & Carriage ("JC&C" or "the Group") is an investment
holding company focused on Southeast Asia. Our portfolio includes
market-leading businesses in the dynamic economies of Indonesia and Vietnam,
as well as interests in other established businesses in the region.

Indonesia:

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

•     Tunas Ridean (49.9% owned), a leading automotive dealership in
Indonesia.

Vietnam:

•     Truong Hai Group Corporation (26.7% owned), Vietnam's automotive
market leader and largest private business group in the country with
significant interests in agriculture, real estate, logistics, infrastructure
construction and retail.

•     REE Corporation (41.6% owned), a leading renewable energy,
commercial real estate, and mechanical & electrical engineering company in
Vietnam.

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

Regional Interests:

•     Cycle & Carriage represents a broad range of automotive brands
across its established network in Singapore (100%-owned) and Malaysia (97.1%
owned).

•     Toyota Motor Corporation (0.1% owned), a top multinational
automotive manufacturer.

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

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