Jardine Cycle & Carriage Limited (JC&C), a subsidiary of Jardine Matheson Holdings, has reported an 11% decrease in underlying profit to US$473m for the first half of 2026. The decline is attributed to reduced contributions from portfolio companies, lower dividend income, and the absence of non-recurring foreign exchange gains from the previous year. Net profit also fell by 2% to US$363m.
The company has maintained its interim cash dividend at US¢28 per share, consistent with 2025. Additionally, JC&C has proposed a special dividend of approximately US¢73 per share, which includes a cash distribution and a distribution-in-specie of remaining shares in Toyota Motor Corporation (TMC).
Freddy Lee, CEO of JC&C, highlighted the challenging operating environment in Indonesia, which is expected to persist due to macroeconomic headwinds. Despite this, Lee expressed confidence in the long-term fundamentals of Astra and Indonesia. He also noted positive growth in Vietnam, particularly from THACO and REE.
JC&C is undergoing a strategic review, reaffirming its focus on value creation through its key portfolio companies. The company plans to rename itself Jardine Matheson Southeast Asia Limited to better reflect its strategic direction within the Jardine Matheson Group.
Looking forward, JC&C aims to support its portfolio companies in enhancing investment and financial performance whilst exploring opportunities to deliver shareholder value. The proposed special dividend reflects the company’s commitment to effective capital allocation.
