Bullish indicating open at $55-$60, IPO prices at $37
LONDON - Jardine Matheson Holdings (OTC:JMHLY) Limited reported a 45% increase in underlying net profit to US$798 million for the first half of 2025, driven by improved performances across most of its portfolio companies, according to a press release issued Thursday.
The diversified Asia-focused investment group’s results were partially offset by weaker contributions from Astra’s heavy equipment, mining, construction and automotive divisions. On a constant exchange rate basis and excluding Hongkong Land impairments recognized in 2024, underlying profit grew by 11%.
The company announced Lincoln Pan will become CEO effective December 1, 2025, succeeding John Witt who will retire after 32 years with the group. Pan will join from PAG, the largest diversified alternative investment business in the Asia Pacific region.
Jardine Matheson maintained its interim dividend at US$0.60 per share, with parent free cash flow up 6% at US$585 million. The group’s gearing decreased by 3 percentage points to 11%.
"Jardines delivered a solid performance across the portfolio in the first half of 2025, with improved results from most businesses," said Ben Keswick, Executive Chairman. "The Group continues its pivot to becoming an engaged investor with a strong focus on longer-term returns."
Among portfolio companies, Hongkong Land announced the sale of nine office floors and retail space in One Exchange Square to the Hong Kong Stock Exchange for US$810 million. DFI Retail completed the sale of its stakes in Yonghui and Robinsons Retail and announced the disposal of its Singapore Food business.
Mandarin Oriental added four new hotels to its portfolio during the period, bringing its total to 44 hotels under management.
The company’s guidance for full-year performance remains unchanged, expecting results to be broadly in line with last year, excluding the impact of Hongkong Land impairments recognized in 2024.
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