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Jardine Matheson Holdings ( (GB:JAR) ) has provided an announcement.
PT Astra International Tbk, the Indonesian flagship of Jardine Matheson via Jardine Cycle & Carriage, reported weaker first-quarter 2026 results as net revenue slipped 6% to Rp78.7 trillion and net income fell 16% to Rp5.9 trillion, with earnings per share down 15% to Rp146. Excluding non-recurring charges and fair value adjustments, net income declined a milder 8%, while shareholders’ funds and net asset value per share still rose 2%.
Performance was hit by a sharp 79% profit drop in the Heavy Equipment, Mining, Construction and Energy division, driven by minimal gold mining contribution, lower heavy equipment and mining services volumes, and sizeable non-recurring charges at United Tractors’ nickel and geothermal operations. Other divisions improved, notably automotive and mobility, financial services, agribusiness, infrastructure, IT and property, and Astra continued to emphasize capital returns with a new Rp2.0 trillion share buyback tranche, lifting total buybacks since November 2025 to Rp2.7 trillion and signaling confidence despite geopolitical headwinds and tighter coal quotas pressuring mining-related earnings.
Group leverage excluding financial services moved from net cash of Rp7.2 trillion to net debt of Rp1.8 trillion, reflecting the acquisition of gold miner Arafura Surya Alam and ongoing buybacks, while financial services net debt edged up to Rp66.0 trillion alongside loan growth. Management expects market conditions to remain challenging but is focusing on prudent balance sheet management and portfolio diversification, including a gradual recovery in gold mining operations after regulatory approval for the Martabe Gold Mine to resume activity.
The most recent analyst rating on (GB:JAR) stock is a Buy with a $94.00 price target. To see the full list of analyst forecasts on Jardine Matheson Holdings stock, see the GB:JAR Stock Forecast page.
More about Jardine Matheson Holdings
Jardine Matheson Holdings is a diversified Asian conglomerate with significant interests in automotive, financial services, heavy equipment, mining, agribusiness, infrastructure, property and related sectors, primarily through subsidiaries such as Jardine Cycle & Carriage and its majority stake in Indonesia’s PT Astra International Tbk. Astra operates across Indonesia’s automotive, mobility, financing, equipment, mining, plantation, infrastructure and property markets, giving Jardine broad exposure to the country’s consumer and commodity cycles.
Average Trading Volume: 1,393
Technical Sentiment Signal: Buy
Current Market Cap: $20.93B
For detailed information about JAR stock, go to TipRanks’ Stock Analysis page.