Jardine C&C's net earnings down 23% in H1

Net profit declines by 23% to US$371m due to unrealised fair value losses.

Jardine Cycle & Carriage (Jardine C&C) has reported a profit attributable to shareholders of $481.34m (US$371m) in the first half (H1) of 2025, down 23% compared to the same period last year.

In a bourse filing, the company mainly attributed this to unrealised fair value losses related to non-current investments.

Jardine C&C said its underlying profit saw a 6% increase to $686.31m (US$529m) in H1. This was driven by a $42.82m (US$33m) translation gain on foreign currency corporate loans, lower corporate net debt over the period, and increased contributions from Vietnam businesses by 17% to $46.71m (US$36 million).

On the other hand, businesses in Indonesia contributed $604.6m (US$466m), a decrease of 9%.

The group’s consolidated net cash position, excluding the net borrowings from Astra’s financial services subsidiaries, was $33.73m (US$26m) at the end of June 2025, compared to net debt of $304.8m (US$235m) at the end of 2024, with the improvement mainly due to strong operating cash flow.

An interim one-tier tax-exempt dividend of $0.36 (US$0.28) per share for H1 was also announced. This will be paid on 3 October 2025.

US$1 = SG$1.30