Jardine Matheson reports mixed Q3 earnings
This is the group’s first business update since selling Cycle & Carriage to Indonesia’s Chandra Asri Pacific
[SINGAPORE] Hong Kong-based conglomerate Jardine Matheson Southeast Asia (Jardine) reported a mixed performance for the first nine months of 2026 in a bourse filing on Tuesday (Nov 10).
This is the group’s first performance update since divesting Cycle & Carriage, the longstanding Singapore and Malaysia automotive distributor and retailer which was sold to Indonesia’s Chandra Asri Pacific for a S$221 million gain in August.
In Indonesia, the group owns 50.1 per cent of diversified group Astra and 49.9 per cent of automotive dealership group Tunas Ridean.
In Vietnam, it owns 26.7 per cent of diversified Truong Hai Group (THACO), and 41.7 per cent of REE, a renewable energy and engineering company.
In its interim management statement for the third quarter of 2026, it said that Astra reported a 1 per cent decrease in net profit, excluding several non-recurring charges.
Astra’s automotive business saw an 8 per cent increase in earnings, with growth in wholesale car and motorcycle sales.
Astra’s earnings for financial-services grew by 6 per cent on larger loan portfolios, although its mining and heavy equipment segment profit was down 28 per cent on lower gold mining sales and coal quotas.
Tunas Ridean achieved “higher” car sales and profits, it added.
In Vietnam, THACO delivered higher profits on increased property sales. It also posted an increase in automotive sales, though margins thinned on competitive pressures.
REE, the group added, posted higher earnings across most of its segments.
Shares of Jardine closed trading 1.6 per cent or S$0.37 up at S$24.08 before the update.
