Jardine Matheson’s Q3 performance ‘in line with expectations’
[SINGAPORE] Hong Kong-based conglomerate Jardine Matheson said in a bourse filing on Friday (Nov 21) that its performance for the third quarter of 2025 was “in line with expectations at the half-year”.
It added that profit guidance for the full year remains unchanged.
The company said it “continued to de-lever” its parent balance sheet and had a net debt of US$25 million at the end of October after receipt and payment of dividends.
“With strong leadership teams in place and clear strategies across our portfolio companies, supported by a strong balance sheet, the company is well-positioned to take advantage of opportunities for mid- and long-term growth,” Jardine Matheson said.
Its Indonesian subsidiary Astra posted “flat revenue and a modest decrease in underlying profit” for Q3, compared to the same period in 2024.
Jardine Matheson said Astra’s financial services, motorcycle and infrastructure businesses had stronger performance, though this was partly offset by lower contributions from coal mining.
Another subsidiary, Hongkong Land, booked a year-on-year decrease in Q3 underlying profit. This was attributed mainly to reduced contributions from the Hong Kong office portfolio, and pre-opening costs of its investment pipeline for prime properties in China.
“For the full financial year, Hongkong Land’s outlook (for) underlying results remains unchanged, with performance, excluding provisions, expected to be lower than the prior year,” said Jardine Matheson.
The group’s retail arm DFI Retail reported a 48 per cent year-on-year increase in underlying profit for Q3.
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This was due to “lower financing costs and higher underlying profit from associates, following the divestment of Yonghui and Robinsons Retail”.
Jardine Pacific reported higher underlying net profit over the same period.
Mandarin Oriental also had a “slightly higher” net profit, as a result of an increase in revenue per available room in all regions except South-east Asia, with particularly robust growth in the Middle East and America.
Jardine Matheson intends to acquire the 12 per cent of Mandarin Oriental’s shares that it does not already own, with expectations for the deal to close in the first quarter of 2026.
Shares of Jaridne Matheson fell 1.7 per cent, or US$1.10, to close at US$62.15 on Friday.
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