Jardine Cycle & Carriage Limited (JC&C) reported its financial results for the year ended December 31, 2025, highlighting stable performance and strategic progress across its portfolio. Here’s a summary of the key points
### **Financial Highlights**
**Underlying Profit** US$1.110 billion, up 1% from 2024, driven by improvements in Vietnam and Singapore, offsetting challenges in Indonesia.
**Revenue** US$21.358 billion, down 4% from 2024, primarily due to lower contributions from Indonesia.
**Proposed Dividend** US¢85 per share (final), totaling US¢113 for the year, a 1% increase from 2024.
### **Regional Performance**
1. **Indonesia**
Contribution to underlying profitUS$945 million, down 8% due to lower contributions from Astra, particularly in mining services, coal mining, and new car sales.
Astra’s strategic initiatives include partnerships in the used car sector (ADMO with Toyota), acquisition of industrial and logistics properties (MMP), and increased stakes in healthcare platforms (Halodoc and Hermina).
United Tractors expanded into gold mining with the acquisition of Arafura Surya Alam.
2. **Vietnam**
Contribution to underlying profitUS$129 million, up 25%, led by strong performances from THACO (real estate) and REE (power generation).
JC&C increased its stake in REE to 41.7%.
3. **Singapore**
Cycle & Carriage reported a 49% increase in contribution to US$48 million, driven by strong commercial vehicle sales and used car business.
### **Strategic Developments**
**Divestments** Sold 4.6% and 3.5% stakes in Vinamilk for US$228 million and US$188 million, respectively, to focus on core portfolio.
**Debt Reduction** Reduced corporate net debt from US$816 million to US$577 million.
**Share Buybacks** Astra and United Tractors completed Rp2 trillion share buyback programs, reflecting confidence in future prospects.
### **Outlook**
**Indonesia** Operating environment remains challenging, but consumer sentiment may see moderate recovery.
**Vietnam** Expected to continue growing, supported by THACO and REE.
**Singapore** Anticipated to deliver resilient earnings.
### **Corporate Governance**
Samuel Tsien assumed the role of JC&C’s first independent chairman.
Ben Birks and Jeffery Tan stepped down as Group Managing Director and Company Secretary, respectively.
### **Conclusion**
JC&C demonstrated resilience in 2025, navigating regional challenges while advancing its strategic objectives. The company remains focused on sustainable value creation and delivering strong shareholder returns, supported by a diversified portfolio and disciplined capital management.