Stable JC&C profit seen in 2025 as non-Astra gains balance weaker Astra

Translation gains and portfolio strength underpin earnings outlook

Jardine Cycle & Carriage (JC&C) expects full-year underlying profit to be "broadly similar" to its 2024 performance, supported by improved results from non-Astra businesses and translation gains on corporate loans.

Astra International’s underlying profit declined in the first nine months due to lower coal prices and a weaker Rupiah. Car market share eased to 53%, whilst motorcycle share held steady at 77%. Financial services earnings rose on loan growth, and agribusiness benefited from higher crude palm oil prices and sales volumes.

Astra completed several transactions in September, including the acquisition of an 83.7% stake in Mega Manunggal Property, an increased 20% stake in Hermina Hospital, and a conditional deal to acquire gold miner Arafura Surya Alam.

In Vietnam, THACO reported higher vehicle sales, driven by commercial demand, while REE’s power generation earnings increased following JC&C’s stake rise to 41.6%. Regional unit Cycle & Carriage recorded higher profit from used car sales, electric bus deliveries, and stronger aftersales activity. JC&C, 85%-owned by Jardine Matheson, holds key investments across Indonesia, Vietnam, and Singapore.