Jardine C&C reports 23% fall in H1 earnings to US1 million on unrealised fair value losses

Jardine C&C reports 23% fall in H1 earnings to US$371 million on unrealised fair value losses


[SINGAPORE] Jardine Cycle & Carriage (JC&C) on Wednesday (Jul 30) reported a 23 per cent decline in earnings to S$371.1 million for the first half of 2025, from S$483.3 million for the same period a year earlier.

This was mainly driven by unrealised fair value losses related to noncurrent investments, the group said in a bourse filing.

Revenue for H1 2025 inched up 1 per cent to US$10.8 billion, from US$10.7 billion a year earlier.

The board has declared an interim dividend of US$0.28 per share, unchanged from H1 2024. The dividend will be paid on Oct 3, 2025.

Underlying profit for H1 2025 grew 6 per cent to US$529.1 million, from US$500.1 million a year earlier. This was driven by a US$33 million translation gain on foreign currency corporate loans and higher contributions from the Vietnam business.

Contribution to underlying profits from Vietnam came in at US$36 million, up 17 per cent year on year from US$30 million in H1 2024.

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This was driven by higher sales in Truong Hai Group (Thaco), as well as JC&C’s increased stake in Ree Corporation – to 41.6 per cent from 34.9 per cent previously – and the Vietnamese company’s higher earnings from its power-generation business.

JC&C’s Indonesia business, meanwhile, posted a 9 per cent fall in underlying profit to US$466 million for H1 2025, from US$513 million a year earlier. Lower contributions from Astra due to weaker performances from its new car, mining and coal mining operations were partially offset by improved earnings from financial services, agribusiness and infrastructure.

Ben Birks, managing director of JC&C, noted that while the macroeconomic environment “remains challenging”, the group expects its “businesses in Indonesia and Singapore is expected to remain stable, (and its) Vietnamese businesses are expected to build on the country’s economic momentum for the rest of the year”.

“Looking further ahead, we remain focused on our longer-term objective of building a portfolio with strong growth and total shareholder returns,” Birks added.

Shares of JC&C fell 0.6 per cent or S$0.17 on Wednesday to close at S$27.35, before the results were announced.



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Swedan Margen

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