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

Jardine Matheson HoldingsAnnouncement

30/04/2026 11:00

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RNS Number : 6095C  Jardine Matheson Hldgs Ltd  30 April 2026

 

 
 
30 April 2026

Jardine Cycle & Carriage Limited
Interim Management Statement

The following announcement was issued by the Company's subsidiary, Jardine
Cycle & Carriage Limited.

For further information, please contact:

Jardine Matheson

Harry Thompson
 
(852) 2843 5343

Jardine Cycle & Carriage

Joey
Ho
(65) 9765 0717

30 April 2026

 

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 2026. During this
period, JC&C recorded overall lower earnings due to lower contributions
from Astra and Cycle & Carriage as a result of challenging operating
conditions, but saw higher contribution from THACO. Looking ahead, we will
continue to navigate an uncertain macroeconomic and geopolitical environment
with discipline, remaining mindful of potential headwinds to the businesses
while staying focused on delivering a resilient performance.

Indonesia

Astra reported an 8% decrease in net profit excluding several non-recurring
charges. Astra's new car, heavy equipment, gold mining, and mining services
operations saw weaker performances, while financial services, agribusiness and
infrastructure businesses recorded higher profits.

·    The wholesale car market was up 2% but Astra's market share declined
to 49%, due to increased competition and the soft mass market segment. Astra's
motorcycle market share remained strong at 78%, and its used car and component
manufacturing businesses saw improvements.

·    Financial services posted 6% higher earnings mainly due to larger
loan portfolios, reflecting strong growth in multipurpose financing.

·    Heavy equipment, mining, construction and energy profit was down 42%
excluding several non-recurring charges, due to the continued halt in the
Martabe gold mining operations, and a lower national coal production quota
impacting coal mining contracting volumes. Heavy equipment sales were also
down due to lower demand in the mining sector.

·    Agribusiness earnings increased 35% due to higher sales volumes of
crude palm oil and its derivatives.

·    The infrastructure division's earnings growth of 32% was supported by
increased tariffs and higher traffic volume.

·    Since November 2025, Astra and United Tractors announced a total of
Rp12 trillion share buyback programmes of which Rp5.7 trillion have been
completed, and Rp2 trillion each from Astra and United Tractors is ongoing
until June 2026. These share buyback programmes reflect Astra's and United
Tractors' confidence in their prospects and the ability to generate
sustainable cash flow to strengthen shareholder returns.

 

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

Vietnam

Our Vietnam portfolio, consisting of THACO and REE, continues to achieve
growth in line with economic momentum. THACO's real estate business recorded
an increase in property sales and its automotive business saw higher sales
volume from both the passenger car and commercial vehicle segments.

Regional Interests

Cycle & Carriage recorded lower profits. While it achieved higher sales of
commercial vehicles, its sales of passenger cars declined due to greater
competitive pressure, while used cars sales volume also decreased.

Corporate

During this quarter, JC&C divested a 3.5% interest in Vinamilk in February
for US$188 million and sold half its holdings in Toyota Motor Corporation in
April for US$146 million. The proceeds for both transactions were used to
reduce JC&C's corporate net debt.

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 (26.7% 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 (41.7% 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.

Regional Interests:

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

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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