Latest news with #JC&C
Business Times
7 days ago
- Business
- Business Times
Jardine Matheson Holdings names Lincoln Pan as CEO-designate ahead of group managing director John Witt's retirement
[SINGAPORE] Hong Kong-based conglomerate Jardine Matheson Holdings on Thursday (May 29) announced the appointment of Lincoln Pan as chief executive-designate, as group managing director John Witt will retire from the company in late-November. Pan is a partner, co-head of private equity and member of the group executive committee at alternative investment business PAG. He assumes the role of CEO at Jardine Matheson Holdings from Dec 1. He previously served as CEO of Greater China at Willis Towers Watson and in executive roles at Advantage Partners and GE Capital. He also worked at McKinsey & Company. Ben Keswick, executive chairman of the group, said: 'Lincoln's wealth of investment experience in the Asia-Pacific region and track record of working with company boards and management teams makes him extremely well-placed to lead Jardine and to implement our strategy to build bigger, better businesses over the long term.' Witt, 61, has been with the Jardine Matheson Group for more than three decades and has served as group managing director at Jardine Matheson Holdings since 2020. In this role, his key achievements include implementing leadership succession in the group's key portfolio companies and overseeing the simplification of its corporate structure, Keswick said. On Nov 30, Witt will step down from his roles at Jardine Matheson Holdings, DFI Retail, Jardine Cycle & Carriage (JC&C) and Astra; he will also give up his roles as a director and board chairman at JC&C, the investment holding company of the Jardine Matheson Group in South-east Asia. But he will continue as chairman of property group Hongkong Land , which is 53 per cent owned by the Jardine Matheson Group. The counter ended Thursday 2.2 per cent or US$1.00 higher at US$45.60, before the announcement.
Business Times
02-05-2025
- Business
- Business Times
Stocks to watch: CapitaLand Investment, Nio, MIT, Jardine Cycle & Carriage, iFast, Sasseur Reit, Elite UK Reit
[SINGAPORE] The following companies saw new developments that may affect trading of their securities on Friday (May 2). CapitaLand Investment (CLI) : The real estate investment manager reported a total revenue of S$496 million for the first quarter ended Mar 31, down 24 per cent from S$650 million in the corresponding period the year before. On Wednesday, the company said that much of the decline came from the deconsolidation of CapitaLand Ascott Trust (Clas). In December 2024, CLI sold a 4.9 per cent stake in Clas for S$162 million to an unrelated party. On a like-for-like basis, revenue remained 'stable' since that of Q1 2024 would have been S$496 million, after accounting for Clas' deconsolidation in both periods. Shares of CLI rose S$0.07 or 2.6 per cent to S$2.75 on Wednesday, ahead of the business update. Nio : Chinese electric vehicle (EV) maker delivered 23,900 vehicles in April 2025, marking a 53 per cent year on year increase, the company said on Thursday. The total comprises initial deliveries from Firefly, the company's newly launched small smart high-end EV brand, alongside 19,269 vehicles from its premium smart EV brand Nio, and 4,400 vehicles from its family-oriented brand Onvo. This has taken its cumulative deliveries to 737,558 as at Apr 30. Firefly was officially launched on Apr 19, with deliveries in China beginning later that month. Nio said it plans to expand the brand to global markets in the near future. Shares of Nio closed down US$0.18 or 4.2 per cent at US$4.13 on SGX on Wednesday. Mapletree Industrial Trust (MIT) : The trust on Wednesday posted a distribution per unit of S$0.0336 for the fourth quarter ended Mar 31, unchanged from the same period last year. This came even as revenue dipped 0.5 per cent to S$177.8 million, from S$178.7 million in the corresponding period in the previous year. In a bourse filing on Wednesday, the manager attributed the decline in revenue to the non-renewal of leases in its North America portfolio and loss of income from divesting a cluster of factories in Tanglin Halt in March last year. Units of MIT closed S$0.01 or 0.5 per cent lower at S$2.02 on Wednesday, before the announcement. Jardine Cycle & Carriage (JC&C) : The investment holding company reported lower contributions across most of its business units in the first quarter of 2025 on Wednesday. Astra in Indonesia, which JC&C has a majority stake in, reported a decrease in underlying profit, with contributions affected by the weaker Indonesian rupiah. The financial services segment of Astra, agribusiness and infrastructure units saw improved performance. Financial services posted higher earnings driven by larger loan portfolios, showing strong growth in multipurpose financing and increased market share of new vehicle financing. The agribusiness earnings were driven by higher crude palm oil prices and sales volumes. Shares of JC&C closed up 0.04 per cent or S$0.01 at S$25.93 on Wednesday. iFast : The digital bank and wealth management platform announced on Friday that its global trust, a Singapore-incorporated entity within the group, has been granted a trust business licence by the Monetary Authority of Singapore. This development expands iFast's wealth management capabilities, further enhancing its platform to support clients across the entire wealth lifecycle, from accumulation and growth to preservation and legacy planning. Shares of iFast closed on Wednesday 1.3 per cent or S$0.08 lower at S$6.22. Sasseur Real Estate Investment Trust (Sasseur Reit) : Cecilia Tan, chief executive officer at Sasseur Asset Management, manager of Sasseur Reit, will be stepping down on Oct 28, after over four years in the role. On Wednesday, the manager of the trust said Tan will be resigning to pursue other professional interests. Tan first joined the manager in July 2021 as its CEO designate, taking over from Anthony Ang, who had retired and stepped down from the position. She officially assumed the CEO position in August 2021. Units of Sasseur Reit closed S$0.005 or 0.8 per cent lower at S$0.635 on Wednesday, before the news. Elite UK Reit : The manager of Elite UK real estate investment trust (Reit), announced a 10.2 per cent year on year increase in distributable income to £4.8 million (S$8.4 million) in Q1 2025, from £4.4 million. Revenue for the quarter inched up 0.6 per cent to £9.3 million, from £9.2 million in Q1 2024, said the manager on Wednesday. Net property income in Q1 2025 rose 24.4 per cent to £10.4 million, from £8.3 million in the corresponding period of the previous year. The distribution per unit for the quarter grew to £0.0076, from £0.0069 in Q1 2024. The improved financial performance was driven by better cash efficiency, lower interest expenses, higher rentals from positive rental reversions, as well as dilapidation settlement and lease surrender premiums totalling £1.6 million. Units of Elite UK Reit closed up 3.5 per cent or £0.01 at £0.295 on Wednesday, before the announcement.
Business Times
30-04-2025
- Automotive
- Business Times
Jardine C&C reports lower contributions across most business units in Q1 2025
[Singapore] Jardine Cycle & Carriage (JC&C) reported lower contributions across most of its business units in the first quarter of 2025 on Wednesday (Apr 30). Astra in Indonesia reported a decrease in underlying profit, with contributions affected by the weaker Indonesian rupiah. The financial services segment of Astra, agribusiness and infrastructure units saw improved performance. Financial services posted higher earning driven by larger loan portfolios, showing strong growth in multipurpose financing and increased market share of new vehicle financing. The agribusiness earnings was driven by higher crude palm oil prices and sales volumes. Higher toll tariffs resulted in higher earnings for the infrastructure business. This was offset by automotive and mobility, and heavy equipment and mining business segments' fall in earnings. The drop in earnings in the automotive and mobility business was due to lower car and motorcycle sales, in line with lower wholesale market volumes. The heavy equipment and mining business was affected by a decline in coal prices, driving down coal mining revenues and contracting columns. This was offset by higher gold prices and sales volume. In Vietnam, Thaco recorded higher automotive sales volume, but was hit by the weaker Vietnamese dong. JC&C also increased its stake in Refrigeration Electrical Engineering Corporation (REE) from 41.4 per cent to 41.6 per cent in April. The first quarter's performance of REE will be included in JC&C's half-year results. Cycle & Carriage in Singapore has achieved higher sales volumes, while Cycle & Carriage in Malaysia is still transitioning into an agency model. Recent global trade tensions have created an uncertain macroeconomic environment. While JC&C is unlikely to see a direct impact from this uncertainty, the company is cautious of the knock-on effects, particularly on currency rates and consumer sentiment. Shares of JC&C closed up 0.04 per cent or S$0.01 at S$25.93 on Wednesday.
