Jardine Cycle & Carriage (C07) H1 2025 earnings summary

Executive summary

• Underlying profit for H1 2025 rose 6% year-over-year to $529 million, driven by improved results in Vietnam and Singapore, foreign exchange gains, and lower financing costs, despite weaker performance in Indonesia and an 8% decline in total business contributions.

• Net profit after non-trading items declined 23% year-over-year to $371 million, mainly due to $158 million in unrealised fair value losses on non-current investments.

• Interim dividend per share was maintained at $0.28, unchanged from the previous year.

• Strategic focus sharpened as an engaged long-term investor, emphasizing portfolio management, capital allocation, and operational alignment.

Financial highlights

• Revenue increased 1% year-over-year to $10.8 billion.

• Underlying earnings per share rose 6% to 134 US¢, while basic EPS dropped 23% to 94 US¢.

• Shareholder funds stood at $8.3 billion; net asset value per share was $21.1 at 30 June 2025.

• Consolidated net cash (excluding Astra's financial services) improved to $26 million from net debt of $235 million at end-2024.

• Holding company net debt reduced from $1.3 billion at end-2023 to $816 million at end-2024, remaining stable through June 2025.

Outlook and guidance

• Macroeconomic challenges are expected to persist in the near term.

• Indonesia and Singapore businesses anticipated to remain stable in H2 2025; Vietnam expected to continue building on economic momentum.

• Ongoing review of business strategy and initiatives with portfolio companies, with completion expected by H1 2026.