REG - Jardine Matheson Hdg - Interim Management Statement

Jardine Matheson HoldingsAnnouncement

23/05/2025 11:30

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RNS Number : 0057K  Jardine Matheson Hldgs Ltd  23 May 2025

23 May 2025

For immediate release

The following announcement was issued today to a Regulatory Information
Service approved by the Financial Conduct Authority in the United Kingdom.

Jardine Matheson Holdings Limited
Interim Management Statement

Jardine Matheson Holdings Limited (the Company) today publishes its Interim
Management Statement for Q1 2025, showing stronger overall Group performance
compared to the same period last year despite global trade tensions which have
created uncertainty in the macroeconomic environment.

Astra reported lower net income, principally due to subdued economic
conditions and lower coal prices.  The Heavy Equipment, Mining, Construction,
and Energy division saw declines in coal mining & services, partly offset
by gains in gold mining and heavy equipment sales.  The Automotive &
Mobility division reported lower net income as sales volumes fell in a weaker
car market, partly offset by a solid motorcycle performance, while the
Financial Services, Agribusiness and Infrastructure divisions all delivered
higher results than last year.

Hongkong Land is progressing its strategy to develop ultra-premium integrated
commercial assets in Asia.  It also announced the sale of office and retail
space in One Exchange Square to the Hong Kong Stock Exchange for US$810
million, recycling capital and reinforcing Central's interconnected financial
ecosystem.  Underlying net profit was stable, despite a lower contribution
from Prime Properties Investments, reflecting negative rental reversions in
the Central Office portfolio in Hong Kong and the temporary impact on retail
rental income of the Tomorrow's CENTRAL transformation.  Higher Build-to-Sell
contributions reflected the timing of sales completions, primarily on the
Chinese mainland.

DFI Retail (DFI) saw underlying net profit grow by 28% excluding divestments,
although reported net earnings were down 18% from the same period last year
including Yonghui's results in 2024.  The profit contribution from Maxim's
recovered significantly and all subsidiary divisions except convenience
reported stronger results.  DFI continued to simplify its portfolio,
announcing the sale of its Singapore Food business for US$93 million in
March.

Jardine Cycle & Carriage (JC&C)'s results (excluding Astra) were
higher than the first quarter of 2024, primarily reflecting a reduction in
corporate costs.   THACO increased automotive sales volume but also faced a
weaker Vietnamese Dong.  JC&C increased its stake in Refrigeration
Electrical Engineering Corporation to 41.6% in the period.

Jardine Pacific reported higher underlying net profit, with stronger
contributions from Jardine Schindler, JEC and Jardine Restaurants, partly
offset by weaker performances from Gammon, Hactl, and Zung Fu.

Mandarin Oriental reported higher Revenue per Available Room (RevPAR) and
hotel management fee income.  The group opened Mandarin Oriental Lutetia,
Paris, and took over management of The Conservatorium Hotel in Amsterdam, in
line with its strategy of elevating the desirability of the brand, doubling
the group's portfolio in key global cities and sought-after leisure
destinations, innovating the guest experience to make every moment
exceptional, and generating value for stakeholders.

Outlook

Guidance for the current year is unchanged: stable results are expected,
excluding the impact of Hongkong Land's impairments in 2024.

Board Changes

As separately announced today, Tim Wise joins the Board of the Company with
effect from 23 May 2025 as an Independent Non-executive Director. He will also
join the Audit Committee of the Board, which will remain fully independent.

********

 

Jardine Matheson

Jardine Matheson is a diversified, Asia-focused investment company. Founded in
China in 1832, Jardines' long-term success has been driven by our adaptability
and resilience. Our aim is to deliver superior, long-term returns for
Jardines' shareholders from a portfolio of market-leading businesses, each of
which is strategically positioned to capture growth opportunities driven by
themes such as urbanisation and the expanding middle-income population across
Asia.

Jardine Matheson Holdings Limited is incorporated in Bermuda and has a primary
listing in the equity shares (transition) category of the London Stock
Exchange, with secondary listings in Bermuda and Singapore.

 

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For further information, please contact:

Jardine Matheson

Graham Baker / Suzanne
Cheuk
(852) 2843 8218 / 8262

Brunswick Group

William
Brocklehurst
(852) 5685 9881

This and other Group announcements can be accessed online at www.jardines.com.

 

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