Jardine Matheson reports 45% growth in H1 underlying profit to US$798 million

Revenue for the period down 1% at US$17.1 billion from US$17.3 billion a year prior

Jardine Matheson Holdings (JMH) reported a 45 per cent growth in underlying profit for the first half of the 2025 financial year to US$798 million from US$550 million in H1 2024.

The growth was driven by most of JMH’s companies, but was partially offset by conglomerate Astra International’s lower contribution, the group said in a bourse filing on Thursday (Jul 31).

Revenue for the period inched down 1 per cent to US$17.1 billion from US$17.3 billion a year prior. JMH also reversed from a loss of US$40 million in H1 2024 to earnings of US$528 million.

The group’s portfolio companies made progress in implementing strategies in the latest H1. Hongkong Land’s sale of nine office floors and selected retail space netted US$810 million. The real estate developer had also completed 67 per cent of its US$200 million share buyback programme as at Jul 28.A new investment management team established this year will focus on capital recycling, new investments and third-party capital raising.

DFI Retail is focused on simplifying its portfolio and divesting non-core businesses. The company sold its stake in Yonghui and Robinsons Retail and announced the disposal of its Singapore food business. It announced a special dividend, funded by the disposals, which JMH will use to reduce its net debt.

JMH’s board has declared an interim dividend of US$0.60 per share, unchanged from H1 2024. The dividend will be paid on Oct 15. It recently announced the appointment of Lincoln Pan as chief executive officer with effect from Dec 1, succeeding John Witt.

It expects results for the full year to be broadly in line with last year’s, excluding the impact of Hongkong Land’s impairments recognised in 2024.

The company is focused on longer-term returns, and the five-year total shareholder return in particular. “This focus, together with strengthened leadership teams and boards executing new strategies in many of our portfolio companies, make Jardines well-positioned to drive mid and long-term value and growth. The company’s guidance in respect of full-year performance remains unchanged,” said Ben Keswick, executive chairman of JMH.

Shares of JMH closed 4.2 per cent or US$2.37 lower at US$54.53 on Thursday.

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