REG - Jardine Matheson Hdg - PT Astra 2025 First Half Financial Statements

Jardine Matheson HoldingsAnnouncement

30/07/2025 12:15

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RNS Number : 2162T  Jardine Matheson Hldgs Ltd  30 July 2025

 

To:  Business
Editor
            30 July 2025

 
            For immediate release

PT Astra International Tbk
2025 First Half Financial Statements

The following announcement was issued today by the Company's 85%-owned
subsidiary, Jardine Cycle & Carriage Limited, which holds 50.1% of PT
Astra International Tbk.

For further information, please contact:

Jardine Matheson Limited

Jonathan Lloyd
 
                                    (852)
2843 8223

Brunswick Group Limited

Ben
Fry
                        (65) 9017 9886

30th July 2025

PT ASTRA INTERNATIONAL TBK (the "Company" or "Astra")
2025 FIRST HALF FINANCIAL STATEMENTS

Highlights

●      Earnings per share down 4% to Rp395 (excluding fair value
adjustments)

●      Mining services affected by heavy rainfall and coal mining
impacted by lower prices

●      Automotive performance impacted by lower car sales, partly
offset by improved performance in the motorcycle and components businesses

●      Higher contribution from Financial Services, Infrastructure and
Agribusiness

"The Group's earnings in the first half of 2025 were lower due to challenging
conditions compared to the same period last year. The Group expects that the
impact of lower coal prices and a weak national car market may result in a
similar relative performance for the remainder of the year. However, we are
encouraged by the resilience of our diversified portfolio, and we remain
committed to maintaining financial discipline and operational excellence while
prudently pursuing opportunities for long-term growth."

Djony Bunarto Tjondro

President Director

Astra group ("the Group") Results

                            For the period ended 30th June
                            2025                  2024                        Change

Rp bn
Rp bn
%
 Net revenue                162,857               159,967                     2
 Net income*+               15,999                16,673                      (4)
 Net income*                15,515                15,856                      (2)
                            Rp                    Rp
 Net earnings per share*+   395                   412                         (4)
 Net earnings per share*    383                   392                         (2)
                            As at 30th June 2025  As at 31st December 2024**  Change

Rp bn
Rp bn
%
 Shareholders' funds        218,004               213,651                     2
                            Rp                    Rp
 Net asset value per share  5,385                 5,277                       2

* Profit attributable to owners of the parent

+ Net income before fair value adjustments on investments in GoTo and Hermina

** Restated due to implementation of PSAK 117: Insurance Contracts

 

The financial results for the six months ended 30th June 2025 and 2024, as
well as the financial position as at 30th June 2025, have been prepared in
accordance with Indonesian Financial Accounting Standards and are unaudited.

PRESIDENT DIRECTOR'S STATEMENT

Performance
The Group's consolidated net revenue in the first half of 2025 was Rp162.9
trillion, 2% higher than the first half of 2024. The Group's net income,
excluding fair value adjustments on investments in GoTo and Hermina, was
Rp16.0 trillion, 4% lower than the same period last year. Including these fair
value adjustments, the Group's net income declined by 2% to Rp15.5 trillion.
This is mainly due to decreased contribution from the Group's mining services,
coal mining and new car businesses, while stronger performance across other
parts of the Group's diversified portfolio led to resilient overall results,
with higher contribution particularly from Financial Services, Infrastructure
and Agribusiness.

The net asset value per share at 30th June 2025 increased by 2% to Rp5,385.

Net cash, excluding the Group's Financial Services subsidiaries, was Rp12.7
trillion at 30th June 2025, compared to Rp8.0 trillion at 31st December 2024.
Net debt of the Group's Financial Services subsidiaries was Rp64.0 trillion at
30th June 2025, up from Rp60.2 trillion at 31st December 2024.

Business Activities
The Group's net income by division in the first half of 2025, compared with
the same period last year, is set out in the table below:

                                                                                 Net Income by Division
                                                                                                     For
                                                                                                     the
                                                                                                     per
                                                                                                     iod
                                                                                                     end
                                                                                                     ed
                                                                                                     30t
                                                                                                     h
                                                                                                     Jun
                                                                                                     e
                                                                                 2025      2024      Change
                                                                                 Rp bn     Rp bn
%
 Automotive & Mobility                                                           5,258     5,692     (8)
 Financial Services                                                              4,372     4,116     6
 Heavy Equipment, Mining, Construction & Energy                                  4,982     5,848     (15)
 Agribusiness                                                                    559       399       40
 Infrastructure                                                                  636       461       38
 Information Technology                                                          82        63        30
 Property                                                                        110       94        17
 Net Income* (before fair value adjustments on investments in GoTo and Hermina)  15,999    16,673    (4)
 Fair value adjustments on investments in GoTo and Hermina                       (484)     (817)     41
 Net Income*                                                                     15,515    15,856    (2)

* Profit attributable to owners of the parent

 

Automotive & Mobility
Net income from the Group's Automotive & Mobility division decreased by 8%
to Rp5.3 trillion, reflecting lower sales in a weak national automotive
market.

●      The wholesale car market decreased by 9% to 375,000 units in
the first half of 2025. Astra's market share declined from 57% to 54%.

●      The wholesale motorcycle market decreased by 2% to 3.1 million
units in the first half of 2025. Astra Honda Motor's market share remained
relatively stable at 77%.

●      The net income contribution from 80%-owned Astra Otoparts, the
Group's components business, increased by 11% to Rp751 billion in the first
half of 2025, with higher contribution from all segments.

●      Serasi Autoraya, the Group's transportation and logistics
solutions business, recorded 4% lower vehicles under contract at 25,800 units.

●      OLXmobbi, the Group's used car business, booked a 26% increase
in used car sales to 15,100 units.

Financial Services
Net income from the Group's Financial Services division increased by 6% to
Rp4.4 trillion, mainly due to higher contribution from consumer financing on
larger loan portfolios.

●      The Group's consumer finance businesses saw a 6% increase in
new amounts financed to Rp56.2 trillion (excluding dealer financing), mainly
reflecting strong growth in multipurpose financing. The net income
contribution from the Group's car-focused finance companies increased by 2% to
Rp1.2 trillion. The net income contribution from Federal International
Finance, the Group's motorcycle-focused finance business, increased by 4% to
Rp2.3 trillion.

●      The Group's heavy equipment-focused finance companies saw new
amounts financed increase by 29% to Rp8.0 trillion. The net income
contribution from these businesses increased by 21% to Rp117 billion.

●      The Group's general insurance company, Asuransi Astra Buana,
reported a 5% increase in net income contribution to Rp764 billion, largely
due to higher underwriting income and investment income. The Group's life
insurance company, Asuransi Jiwa Astra, recorded a 10% decrease in gross
written premiums to Rp2.7 trillion.

Heavy Equipment, Mining, Construction and Energy
Net income from the Group's Heavy Equipment, Mining, Construction and Energy
division, represented by 59.5%-owned United Tractors, decreased by 15% to
Rp5.0 trillion. Lower results in its mining services and coal mining
businesses were partly offset by its gold mining and heavy equipment
businesses.

●      Komatsu heavy equipment sales increased by 27% to 2,700 units,
driven by stronger demand from all sectors. Revenues from its parts and
service businesses also increased.

●      Mining services provider Pamapersada Nusantara recorded 9%
lower overburden removal at 533 million bank cubic metres, primarily due to
heavy rainfall.

●      United Tractors' coal mining subsidiaries recorded own coal
sales of 7.8 million tonnes, including 2.1 million tonnes of metallurgical
coal, compared with 7.5 million tonnes in the first half of 2024, which
included 1.6 million tonnes of metallurgical coal. Revenue from this business
was impacted by lower coal prices.

●      United Tractors' gold mining business reported 14% higher gold
sales at 125,000 oz, while gold prices were 37% higher.

●      United Tractors' nickel mining business comprises
majority-owned Stargate Pasific Resources and 20.1%-owned Nickel Industries
Limited ("NIC"). United Tractors recognised equity income from NIC for the
6-month period in arrears based on NIC's results from the final quarter of
2024 and the first quarter of 2025. The performance of this business was
affected by an impairment relating to two of NIC's older RKEF processing
plants.

Agribusiness
Net income from the Group's Agribusiness division, represented by 79.7%-owned
Astra Agro Lestari, increased by 40% to Rp559 billion.

●      Crude palm oil ("CPO") prices were 17% higher at Rp14,285/kg.

●      CPO and derivative product sales increased by 13% to 883,000
tonnes.

Infrastructure
The Group's Infrastructure division reported a 38% increase in net income to
Rp636 billion, due to higher traffic volume and increased tariffs. The Group's
toll road concessions generated 8% higher daily toll revenue during the period
from its 396km of operational toll roads along the Trans-Java network and the
Jakarta Outer Ring Road.

Information Technology
The Group's Information Technology division, represented by 76.9%-owned Astra
Graphia, reported a 30% increase in net income to Rp82 billion, primarily due
to higher revenue from its information technology solutions business and
improved operating margin.

Property
The Group's Property division reported a 17% increase in net income to Rp110
billion, mainly from its newly acquired industrial warehouse assets and to a
lesser extent increased occupancy in Menara Astra.

Corporate Actions
Following resilient performance over the past few years, Astra's management is
currently undertaking a strategic review across its business portfolio to
identify and assess initiatives that can be taken to enable the continued
delivery of future growth and value in changing market conditions. The outputs
from this review are expected in the first half of 2026.

In 2025, the Group carried out the following corporate actions:

●      In April, Toyota Motor Asia (Singapore) Pte. Ltd. ("TMA")
invested USD120 million (approximately Rp2.0 trillion) for a 40% stake in
Astra Digital Mobil ("ADMO"), which owns OLXmobbi, an online-to-offline used
car business. Following the transaction, the Group retains a 60% controlling
interest in ADMO. This collaboration strengthens the longstanding partnership
between Astra and TMA, and aims to modernise the used car market and enhance
customer access to high-quality vehicles, financing, insurance and aftersales
services across Indonesia.

●      In June, the Group, through United Tractors, acquired a 30.6%
stake in Supreme Energy Sriwijaya ("SES") for USD30.8 million (Rp501 billion).
SES is a 25.2% shareholder of Supreme Energy Rantau Dedap ("SERD"), which owns
a geothermal plant in South Sumatera with an installed capacity of 91.2 MW. As
a result of this transaction, United Tractors' effective shareholding in SERD
increased from 32.7% to 40.4%.

●      In July, the Group, through Saka Industrial Arjaya ("SIA"), a
company under its Property division, signed a Conditional Shares Sale and
Purchase Agreement to acquire an 83.7% stake in Mega Manunggal Property
("MMP"), an industrial and logistics property developer listed on the
Indonesia Stock Exchange. Upon completion, SIA will become the new controlling
shareholder of MMP and, in line with the capital market regulations, will
carry out a Mandatory Tender Offer. This acquisition is part of the Group's
strategy to benefit from Indonesia's rapidly growing demand for industrial
& logistics infrastructure.

Prospects

The Group's earnings in the first half of 2025 were lower due to challenging
conditions compared to the same period last year. The Group expects that the
impact of lower coal prices and a weak national car market may result in a
similar relative performance for the remainder of the year. However, we are
encouraged by the resilience of our diversified portfolio, and we remain
committed to maintaining financial discipline and operational excellence while
prudently pursuing opportunities for long-term growth.

Djony Bunarto Tjondro

President Director

30th July 2025

For further information, please contact:

PT Astra International Tbk

Boy Kelana Soebroto, Chief of Corporate Affairs

Tel: +62 - 21 - 5084 3888

 

-end-

 

About Astra

Astra is one of Indonesia's largest public companies, comprising 301
subsidiaries, joint ventures, and associate companies, supported by more than
190,000 employees. The company's diversified business model creates synergies
and opportunities across industry sectors including automotive & mobility,
financial services, heavy equipment, mining construction & energy,
agribusiness, infrastructure, information technology, and property. The
company has a new sustainability framework which includes Astra's 2030
Sustainability Aspirations. It will guide Astra in the transition journey to
be a more sustainable business by 2030 and beyond. Astra wishes to contribute
to the strength and resilience of the Indonesian economy while supporting an
inclusive and prosperous society.

 

Astra has a strong record of public and social contributions through four
pillars, which consist of health, education, environment, and entrepreneurship
as well as nine foundations to contribute to the growth of the Indonesian
economy while encouraging a more inclusive and prosperous society. Established
in 2010, Astra's Semangat Astra Terpadu Untuk (SATU) Indonesia Awards
programme, has recognised the contribution of 726 young Indonesians at the
national and provincial level across the nation. The SATU Indonesia Awards
programme is integrated with Astra's wide range of community activities
through 1,500 Desa Sejahtera Astra and Kampung Berseri Astra in 35 provinces
throughout Indonesia.

 

For more about Astra, visit.astra.co.id, and follow us on Instagram
@satu_indonesia, TikTok @satu_indonesia, YouTube SATU Indonesia, X (Twitter)
@satu_indonesia, LinkedIn PT Astra International Tbk, and Facebook Semangat
Astra Terpadu.

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