It expects its full-year underlying profit to be ‘broadly similar’ to that of 2024
[SINGAPORE] Mainboard-listed Jardine Cycle & Carriage (Jardine C&C) expects its 2025 underlying profit to be “broadly similar” to that of 2024, it said on Monday (Nov 10).
This is amid improvements in its non-Astra International businesses for the nine months ended Sep 30, 2025, as well as favourable translation gains on corporate loans, the group said in a third-quarter interim management statement.
Indonesian conglomerate Astra is 50.1 per cent owned by Jardine C&C. Hit by a weaker rupiah, it posted a decrease in underlying profit for 9M 2025.
Astra on Oct 31 reported a 6 per cent year-on-year fall in net income to 24.7 trillion rupiah (S$1.9 billion) for the period. Its net revenue also slid, by 1 per cent, to 243.6 trillion rupiah.
The company attributed the declines to lower contributions from its mining services and coal mining segments.
In contrast to Astra’s performance in the year to date, Jardine C&C’s businesses in Vietnam, Singapore and Malaysia posted higher contributions.
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Vietnam, Singapore, Malaysia post growth
Truong Hai Group, a Vietnamese industrial conglomerate that is 26.7 per cent owned by Jardine C&C, recorded an increase in automotive sales volume during the period.
This was supported by higher commercial vehicle sales, although “greater competitive pressure” in the passenger car segment hit its market share and margins, Jardine C&C said.
Vietnamese renewable energy player Ree Corporation also posted profit growth on the back of stronger earnings from its power-generation business, driven by improved hydrology conditions.
Its contribution to Jardine C&C also grew, as the group increased its stake in the company to 41.6 per cent.
Meanwhile, Cycle & Carriage recorded improved profits. The company represents a broad range of automotive brands across Jardine C&C’s Singapore and Malaysia network.
Increased used-car sales, the delivery of electric buses under tender projects, as well as higher after-sales throughput in Singapore drove the profit growth.
Headquartered in Singapore, Jardine C&C is 85 per cent owned by the Jardine Matheson Group. Its shares finished Monday 0.1 per cent or S$0.04 higher at S$32.74.
