Jardine Matheson Holdings Limited has released its 2023 preliminary results, showcasing a solid performance in challenging market conditions. The company reported an underlying profit increase of 5% to US$1.66 billion, with a 7% increase at constant exchange rates. The record performance in South East Asia, driven by Astra, and strong recoveries at DFI Retail and Mandarin Oriental were highlighted as key contributors to the positive results.
Despite challenging conditions in the Chinese mainland and Vietnam impacting Zhongsheng, Hongkong Land, and THACO, Astra's exceptional performance in South East Asia, along with the strong recoveries at DFI Retail and Mandarin Oriental, helped offset these challenges. The company's diversified portfolio and the commitment of its colleagues were credited for the results above pre-pandemic levels.
The company anticipates a challenging year ahead due to ongoing economic headwinds in key markets. However, with new leadership in place across several group companies and an effective long-term strategy, Jardine Matheson Holdings Limited remains optimistic about the future and believes it is well-positioned to take advantage of opportunities for mid- and long-term growth.
The 2023 financials showed a 4% decrease in revenue to US$36,049 million, while the underlying profit before tax increased by 2% to US$5,034 million. The underlying profit attributable to shareholders rose by 5% to US$1,661 million. The company also announced a 5% increase in the full-year dividend to US$2.25 per share.
The Board is recommending an increased final dividend of US$1.65 per share, resulting in a full-year dividend of US$2.25 per share, up 5% from the prior year. The company's governance approach has been evolving, with new executive and independent non-executive appointments to bring greater diversity and sectoral expertise to the Boards of both Jardine Matheson and its listed subsidiaries.
In terms of sustainability, the company has made significant strides in progressing its agenda, with a focus on the three main pillars of sustainability: environmental, social, and governance. The culture within the Group is increasingly focused on sustainability as a business opportunity and an integral part of day-to-day business operations.