---
title: "Jardine Cycle & Carriage net profit slips 2% to $464m in H1"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/294446040.md"
description: "Jardine Cycle & Carriage reported a 2% drop in H1 net profit to $464m, with revenue falling 8%. Underlying profit declined 11% due to weaker Indonesia/Singapore contributions and lower dividends. The group divested stakes in Vinamilk and Toyota for $427m total, reducing corporate net debt. The board maintained the interim dividend at 36 Singapore cents and proposed a special dividend of ~93 cents, partly via Toyota shares distribution. A name change to Jardine Matheson Southeast Asia Limited is also proposed."
datetime: "2026-07-31T02:58:08.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/294446040.md)
  - [en](https://longbridge.com/en/news/294446040.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/294446040.md)
generator: "portal-rs"
---

# Jardine Cycle & Carriage net profit slips 2% to $464m in H1

**The group sold stakes in Vinamilk and Toyota for $240m and $187m, respectively.** 

Jardine Cycle & Carriage’s (JC&C) net profit attributable to shareholders fell 2% year-on-year to $464m (US$363m) in the first half of the year.

Revenue declined 8% to $12.78b (US$9.99b), whilst underlying profit attributable to shareholders dropped 11% to $605m (US$473m).

The group attributed the lower underlying profit to weaker contributions from its Indonesia and Singapore businesses, reduced dividend income, and the absence of foreign exchange gains recorded a year earlier.

Indonesia’s contribution to underlying profit fell 8% to $547m (US$428m). Lower earnings from Astra’s mining solutions and heavy equipment businesses offset improvements in the automotive and financial services businesses.

Vietnam’s contribution rose 21% to $55m (US$43m), supported by higher contributions from THACO and REE.

Regional interests contributed $20m (US$16m), down 24%, as Cycle & Carriage’s contribution declined 28% to $15m (US$12m).

JC&C divested partial interests in Vinamilk and Toyota Motor Corporation for $240m (US$188m) and $187m (US$146m), respectively, during the period. 

Its corporate net debt fell to $366m (US$286m) at end-June from $738m (US$577m) at end-2025.

Meanwhile, the board maintained its interim dividend at 36 Singapore cents (US¢28) per share and proposed a special dividend of approximately 93 Singapore cents (US¢73) per share. 

The special payout comprises 47 Singapore cents (US¢37) in cash and about 46 Singapore cents (US¢36) through a distribution of the group’s remaining Toyota shares.

The group also proposed changing its name to Jardine Matheson Southeast Asia Limited, subject to shareholder and regulatory approvals.

$1 = US$0.78

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---
> **Disclaimer: This article is for reference only and does not constitute any investment advice.**