Jardine Cycle & Carriage H2 profit up 36% despite revenue falling 9%
The board has proposed a final dividend of US$0.85 per share, up from US$0.84 previously
Add BT as a preferred source
[SINGAPORE] Jardine Cycle & Carriage (JC&C) posted earnings of US$626.7 million for H2 FY2025, a 36 per cent increase from US$462.5 million the year prior.
The company on Friday (Feb 27) reported a half-year revenue of US$10.6 billion, down 9 per cent from US$11.6 billion previously.
For the full-year, revenue came in at US$21.4 billion, 4 per cent lower than US$22.3 billion in the previous corresponding period. Earnings rose 5 per cent to US$997.8 million from US$945.8 million in FY2024.
JC&C attributed the increase in full-year profit to improvements in Vietnam and Singapore businesses, as well as foreign exchange gains and lower financing costs at the corporate level, which helped offset a lower contribution from its Indonesian operations.
Astra contributed US$927 million to the group’s underlying profit for the full year, 7 per cent lower than the previous year. This reflected the impact of a weaker Indonesian rupiah and “weaker performances” from its mining services, coal mining operations and new car sales, the group stated. Its direct motor interests through Tunas Ridean in Indonesia saw its contribution fall 46 per cent to US$18 million, mainly due to lower profits from consumer finance and automotive operations.
Contributions from the group’s Vietnam businesses rose 25 per cent to US$129 million. This was driven by a 39 per cent rise in earnings from Truong Hai Group Corporation (Thaco) to US$55 million, and a 39 per cent increase from Refrigeration Electrical Engineering Corporation (REE) to US$41 million. Earnings from Cycle & Carriage in Singapore and Malaysia also jumped 49 per cent to US$48 million.
Navigate Asia in
a new global order
Get the insights delivered to your inbox.
Earnings per share for H2 FY2025 was at US$1.58, up from US$1.17 the year prior. For the full year, earnings per share was at US$2.52, up from US$2.39 previously.
The board has proposed a final one-tier tax-exempt dividend of US$0.85 per share for the year, up from US$0.84 per share in 2024. The dividend will be paid on Jun 12.
As for the group’s consolidated net debt position, the amount, excluding the net borrowings within Astra’s financial services subsidiaries, improved to US$44 million as at end-2025, from US$235 million at the end of 2024.
The group attributed the improvement to the divestment of a 4.6 per cent interest in Vinamilk for US$228 million in December, in line with its strategy to build a “focused portfolio” that enhances shareholder value.
Net debt within Astra’s financial services subsidiaries rose from US$3.7 billion at the end of 2024 to US$3.9 billion. JC&C corporate net debt was US$577 million, down from US$816 million at the end of 2024.
The company expects the year ahead in Indonesia to be challenging, though consumer sentiment in the country may see a moderate recovery. JC&C expects Vietnam to continue to grow and Singapore to deliver resilient earnings.
Samuel Tsien, chairman of JC&C, said: “Notwithstanding the near-term outlook, we remain focused on our longer-term objective of building a portfolio aimed at creating sustainable value and delivering strong total shareholder returns.”
Shares of JC&C closed down 0.2 per cent or US$0.06 at US$35.36 on Friday before the results were announced.
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Copyright SPH Media. All rights reserved.
