Creating value

Delivering superior shareholder returns

Jardine Matheson’s purpose is to deliver superior, long-term returns to shareholders from a portfolio of market-leading businesses focused on Asia.

How we deliver

Decisive portfolio management
built on disciplined capital allocation and investment expertise

Influence strategy and drive accountability
for delivery and performance through board representation

Ensure high calibre boards and leadership teams are in place with incentives to build bigger, stronger businesses

Founded on

Integrity, comprehensive risk management and sustainability

Enduring relationships

Strong balance sheet, excellent access to banks and capital markets

Jardine Matheson’s
financial objectives

High-quality long-term growth of earnings and cash flows

Investment ROICs > WACCs

NAV per share growth

Progressive dividends

Our progress in 2024

Disciplined capital allocation

We allocated capital to strategic growth initiatives and divested non-core, lower-yielding assets, ensuring superior shareholder returns. Jardine Pacific divested Jardine Aviation Services, while JC&C divested its stake in Siam City Cement, and DFI completed its divestment in Yonghui Superstores in February 2025. Jardines also increased our shareholdings in JC&C and Mandarin Oriental to 84.6% and 88.0%, respectively.

Governance enhancements

We enhanced our boards and governance with key appointments to the management teams and boards of our Group companies. Our portfolio companies – many of which are led by recently-appointed CEOs – are executing new strategies to adapt to the changing market environment. We continue to strengthen our portfolio companies’ boards to increase independence and effectiveness, including through further INED appointments.

Updates from our four new portfolio companies’ Chief Executives

Elton Chan

Chief Executive of Jardine Pacific

Our Jardine Pacific businesses are leading players in their sectors, especially in Hong Kong, with a presence in Southeast Asia. With support from Jardine Matheson, we are refining our portfolio with a focus on enhancing the performance of our B2C businesses. We divested Jardine Aviation Services in 2024 for capital recycling and continue to look for ambitious ways to enhance how we manage our portfolio.

Laurent Kleitman

Chief Executive of Mandarin Oriental

We have agreed a clear and compelling brand-led and guest-centric growth strategy with the board, and through this we are well positioned for rapid global expansion. We have set an ambitious target to double our portfolio of hotels, resorts and residences worldwide by 2033 while maintaining Mandarin Oriental’s ultra luxury positioning and brand via a managed property model. In 2024, we’ve already crossed the milestone of 40 hotels and we are well on our way to crossing 50 in the coming two years.

Scott Price

Chief Executive of DFI

Guided by a ‘Customer-first, People-led, Shareholder-driven’ strategic framework, we are navigating the evolving consumer landscape with clear priorities and an accelerating omnichannel presence. Aligned with our purpose of sustainably serving Asia for generations through everyday moments, our ESG commitment, disciplined capital allocation, as well as strong board and governance model enable us to deliver sustained, profitable growth and improved shareholder returns.

Michael Smith

Chief Executive of Hongkong Land

Our governance model, with major decisions agreed via Hongkong Land’s board, has been fundamental in helping us push forward an ambitious new strategy focused on the development of ultra-premium integrated commercial properties in key Asian cities. This includes actively recycling capital to finance new integrated commercial property opportunities, expanding strategic partnerships and identifying third-party capital to fund future growth.