Jardine Matheson Reports 5% Rise in FY2023 Underlying Profit to US$1.66B

Jardine Matheson announced on Thursday (Mar 7) an underlying net profit of US$1.66 billion for the fiscal year 2023, marking a 5% increase from US$1.58 billion in 2022.

The company also disclosed in a stock exchange filing that its FY2022 financials were restated due to adjustments in accounting policies.

Executive Chairman Ben Keswick stated that the group achieved record underlying profit in 2023, attributed to the market reopening post-Covid-19 pandemic, benefiting many of its businesses.

The growth was primarily fueled by robust performance in automotive business Astra and notably improved contributions from DFI Retail and property group Mandarin Oriental.

While growth persisted in the second half across all three businesses, a noticeable slowdown was observed as market conditions weakened.

Jardine Matheson’s net profit surged by 94% to US$686 million from US$354 million, with net non-trading losses of US$975 million in 2023, primarily due to investment property revaluation and goodwill impairment.

Earnings per share rose to US$2.37 from US$1.22 a year ago.

A final dividend of US$1.65 per share has been proposed, bringing the total dividend for the year to US$2.25 per share, up from US$2.15 a year ago, subject to shareholder approval. The final dividend is scheduled for payment on May 15.

The group anticipates a challenging year ahead due to ongoing economic headwinds in key markets.

Nevertheless, it remains optimistic about the future, citing new leadership across several subsidiaries and a robust long-term strategy.