Jardine Matheson 2025 underlying profit up 11% at US$1.7 billion
The group’s final dividend of US$1.75 a share brings its full-year payout to US$2.35 a share
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[SINGAPORE] Hong Kong-based conglomerate Jardine Matheson Holdings on Tuesday (Mar 10) reported an 11 per cent increase in underlying profit to US$1.7 billion for the financial year ended Dec 31, 2025.
This was up from US$1.5 billion for FY2024, and came as full-year revenue fell 4 per cent year on year to US$34.2 billion, from US$35.8 billion previously.
Jardine Matheson attributed the improved performance to “a stable contribution from (the group’s Indonesian arm) Astra, much-improved contributions from DFI Retail and Jardine Pacific, and substantially lower net corporate costs” at the group level.
It noted that while Astra’s profit contribution declined 3 per cent to US$787 million amid “softer domestic economic conditions”, this was offset by a 35 per cent surge in contribution from DFI Retail to US$209 million, driven by “improved margins and proactive portfolio actions”.
The group’s net profit – comprising its underlying business performance and non-trading items – for the year came in at US$1.1 billion, reversing from a net loss of US$468 million for FY2024.
Earnings per share stood at US$3.78 for FY2025, compared with a loss per share of US$1.61 a year earlier. On an underlying basis, earnings per share rose to US$5.72 from US$5.24.
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Jardine Matheson declared a final dividend of US$1.75 a share, bringing its full-year dividend to US$2.35 a share – a 4 per cent increase from the previous year.
The latest dividend will be subject to shareholder approval at the group’s annual general meeting on May 7 and paid out on May 13; books close on Mar 20.
Lincoln Pan, chief executive of Jardine Matheson, said that the group is “beginning to implement a more active JMH capital allocation strategy”, pointing to its capital recycling of US$4.8 billion in 2025.
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He added: “Our focus in 2026 will be to continue recycling capital from lower-yielding assets and assets we do not control.”
As part of its ongoing strategic repositioning, Jardine Matheson completed the privatisation of its luxury hotel arm, Mandarin Oriental, in January.
The group said the move eliminates an “inefficient listing structure” while creating options to realise greater equity value in the future.
Shares of Jardine Matheson rose 7.7 per cent or US$5.59 to close at US$78.40, before the news.
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