JC&C’s H1 profit from Vietnam rises 17% on strong portfolio gains

Singapore-listed Jardine Cycle & Carriage (JC&C) posted a 17% rise in first-half underlying profit from Vietnam to $36 million, driven by stronger contributions from its key local investments.

According to its H1/2025 earnings statement, the Asia-focused investment company recorded revenue of $10.2 billion and net profit of $371 million, up 1% but down 23% year-on-year, respectively.

Indonesia remained JC&C’s largest profit contributor, delivering $466 million in underlying earnings, down 9% year-on-year, almost entirely from Astra International.

In Vietnam, all portfolio companies posted gains. Utility major REE Corp (HoSE: REE) contributed $10 million in underlying profit to Jardine, up 10% year-on-year.

The surge was supported by favorable hydrological conditions that have boosted REE’s power business and JC&C’s increased stake to 41.6%.

Earnings from industrial heavyweight Thaco (OTC: THA) rose 10% year-on-year to $17 million. Thaco sold 41,000 vehicles in the first half, up 12%. Market share slipped to 16% from 21% amid stiffer competition, but margins remained solid.

Underlying profit from dairy giant Vinamilk (HoSE: VNM) edged up 4% to $9 million.

JC&C holds 26.6% of Thaco, 10.6% of Vinamilk, and 41.6% of REE. The group has steadily raised its Vietnam exposure since first investing in Thaco in 2008, later buying into REE in 2012 and spending over $1 billion in 2018 to acquire Vinamilk shares via its unit Platinum Victory.

Jardine Matheson’s presence in Vietnam extends far beyond financial investments.

In food & beverage, Jardine Restaurant Group (JRG) - a division of Jardine Pacific - owns 25% of KFC Vietnam, one of the country’s leading fast-food chains.

Maxim’s Caterers, 50% owned by Dairy Farm (another Jardine entity), is the franchise partner for Starbucks in Vietnam. Founded in 2000 in Hong Kong, Maxim’s also represents Starbucks in Cambodia, Hong Kong, Macau, and Singapore.

In retail, Dairy Farm has invested in health and personal care chains Guardian and Giant. Guardian Vietnam operates 99 stores in major cities like Ho Chi Minh City, Hanoi, and Da Nang, offering over 500 international brands.

In the real estate sector, through Hongkong Land, Jardine Matheson owns two office buildings in central Hanoi: 63 Ly Thai To Building and Central Building at 31 Hai Ba Trung street.