Jardine Cycle & Carriage (JC&C) reported an underlying profit attributable to shareholders of US$1.11 billion for the year ended 31 Dec 2025, up 1 per cent year-on-year, as foreign-exchange gains and reduced financing charges cushioned the impact of softer earnings from Indonesia.
Revenue slipped 4 per cent year-on-year (YoY) to US$21.36 billion, while basic earnings per share rose 5 per cent to US¢252. Underlying EPS inched up 1 per cent to US¢281. The board proposed a final one-tier tax-exempt dividend of US¢85 per share, bringing the full-year payout to US¢113 (FY24: US¢112). Subject to shareholder approval at the 24 Apr 2026 AGM, the final dividend will be paid on 12 Jun 2026 to shareholders on record as at 5 p.m. on 25 May 2026.
Key Data • Revenue: US$21.358 billion (-4 % YoY) • Underlying profit attributable to shareholders: US$1.110 billion (+1 % YoY) • Profit attributable to shareholders: US$997.8 million (+5 % YoY) • Dividends: US¢113 per share total (+1 % YoY) – interim US¢28 (paid 17 Sep 2025) and proposed final US¢85 (payable 12 Jun 2026) • Segment contributions (underlying profit before corporate costs & non-trading items) – Indonesia: US$945 million (-8 % YoY) – Vietnam: US$129 million (+25 % YoY) – Regional Interests: US$56 million (+1 % YoY)
Performance Drivers
1. Indonesia • Astra’s contribution fell 7 per cent to US$927 million as weaker coal prices, heavy-equipment services and lower new-car sales outweighed gains in motorcycles, gold mining, financial services and infrastructure. • Tunas Ridean added US$18 million, down 46 per cent on softer automotive and finance earnings.
2. Vietnam • Truong Hai Group (THACO) delivered US$55 million (+39 % YoY), buoyed by a rebound in its real-estate arm despite margin pressure in autos. • REE contributed US$41 million (+39 % YoY) on stronger renewable-power income and a higher stake. • Dividends from Vinamilk were steady at US$33 million.
3. Regional Interests • Cycle & Carriage lifted earnings 49 per cent to US$48 million as Singapore commercial-vehicle sales and after-sales demand improved. • The sale of Siam City Cement in 2H24 removed a prior-year contribution of US$16 million.
4. Corporate • Net financing charges dropped to US$14.6 million (FY24: US$39.2 million) after the group cut corporate net debt to US$577 million from US$816 million, aided by the US$228 million sale of a 4.6 per cent stake in Vinamilk. • A US$26 million translation gain on US-dollar loans contrasted with a US$17 million loss in the previous year.
Headwinds
Weaker consumer demand in Indonesia, a softer rupiah and lower coal prices restrained Astra’s mining and automotive earnings. Motorcycle volumes held firm, but car wholesale deliveries declined 7 per cent, trimming Astra’s market share to 51 per cent. Mining services volumes fell 10 per cent on heavy rainfall, and coal prices retreated, cutting profitability.
Strategic Moves
• Portfolio reshaping continued with the disposal of a combined 8.1 per cent stake in Vinamilk for about US$416 million (including a February 2026 sale). • Astra broadened its mobility ecosystem via Toyota’s US$120 million purchase of 40 per cent of Astra Digital Mobil, the owner of used-car platform OLXmobbi. • The group spent US$180 million for an 83.7 per cent stake in logistics-property developer Mega Manunggal Property, later lifted to 91.4 per cent. • Around US$550 million has been deployed into Indonesia’s healthcare sector, including larger interests in Halodoc and hospital operator Hermina. • United Tractors agreed to buy gold miner Arafura Surya Alam for US$540 million, completing the deal in February 2026. • Astra and United Tractors executed share-buyback programmes of up to Rp2 trillion each, signalling confidence in cash-flow generation.
Executive Insights
Chairman Samuel Tsien said the marginal profit growth was achieved despite “a more challenging operating environment” in Indonesia. He indicated that while conditions in the group’s largest market may remain tough, consumer sentiment could “see a moderate recovery”. Tsien added that Vietnam is expected to sustain growth and Singapore should post “resilient earnings” as JC&C pursues its goal of long-term value creation and strong shareholder returns.
Group managing director Ben Birks noted that foreign-exchange gains and lower net financing charges bolstered group earnings. He highlighted Astra’s diversification into logistics and healthcare, as well as continued deleveraging at the corporate level, as key pillars for future resilience.
Looking ahead, management plans to keep reducing leverage, recycle capital from non-core assets and deepen exposure to structurally growing sectors such as logistics, healthcare and renewable energy, while monitoring Indonesian macro-conditions and capitalising on Vietnam’s favourable demand trends.
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