Thaco reported revenue of nearly $3.12 billion in 2025, up from $2.9 billion a year earlier, extending its growth trajectory. More notably, net profit from underlying business performance climbed to roughly $251 million, a sharp increase from $152 million in 2024.

Jardine Matheson attributed the improved performance primarily to the Vietnamese group’s real estate business, which has increasingly become a key earnings driver alongside its traditional automotive operations.

Jardine Matheson, via its investment arm Jardine Cycle & Carriage (JC&C), currently holds around a 27% stake in Thaco, with carrying value of $723 million as of end-2025.

Jardine Matheson first invested in Thaco in 2008 and significantly increased its holdings in 2019. It further deepened its exposure in 2023 by purchasing nearly VND9 trillion ($341.65 million) worth of Thaco bonds.

Thaco’s balance sheet reflects its expanding scale. Total assets stood at nearly $9 billion at the end of 2025, including $4.42 billion in long-term assets and $4.36 billion in current assets. Net assets rose to $2.15 billion, compared with $2.01 billion a year earlier.

Liabilities remained substantial, with long-term debt at $2.38 billion and short-term obligations totaling $2.7 billion, underscoring the capital-intensive nature of the group’s diversified operations.

According to updated corporate filings released last December, Thaco raised its charter capital to nearly VND40.52 trillion ($1.54 billion) from VND30.39 trillion ($1.16 billion), via a stock dividend distribution at a 3:1 ratio.

Following the capital increase, domestic private investors continue to hold a controlling 73% stake, while foreign investors own the remaining 27% across 106 legal entities. JC&C remains Thaco’s largest foreign shareholder, while the rest are mainly individual investors linked to South Korea holding small minority positions.