Jardine Cycle & Carriage Limited, a subsidiary of Jardine Matheson Holdings Ltd, released its 2023 financial statements and dividend announcement. The company reported an underlying profit of US$1,160 million, a 6% increase from 2022, with improved performances from Astra and Direct Motor Interests. However, THACO's performance was impacted by a softer Vietnamese economy, while Other Strategic Interests made a stable contribution. The proposed final dividend is US¢90 per share, totaling US¢118 for the year, a 6% increase from 2022.

The Chairman, Ben Keswick, highlighted the strong overall underlying profit performance, primarily driven by Astra's record profit, despite challenges such as softer commodity prices and moderating growth in the second half of the year. The Group's Vietnamese businesses were adversely affected by slower economic growth. The company's businesses remain focused on strategic priorities for long-term growth.

In 2023, Astra contributed US$1,019 million to the Group's underlying profit, a 12% increase from the previous year, while Direct Motor Interests contributed US$68 million, an 8% increase. The contribution from Other Strategic Interests was 2% down at US$84 million, mainly due to lower earnings reported by REE, offset by higher profits in SCCC. THACO's contribution was 57% down from the previous year, mainly due to lower automotive profits.

The Group's underlying profit attributable to shareholders increased by 6% to US$1,160 million. After accounting for non-trading items, the Group's profit attributable to shareholders was US$1,215 million, 64% higher than the previous year. The company's consolidated net debt position, excluding the net borrowings within Astra's financial services subsidiaries, was US$1,145 million at the end of 2023, compared to a net cash position of US$893 million at the end of 2022.

The Board is recommending a final one-tier tax-exempt dividend of US¢90 per share, which, together with the interim dividend of US¢28 per share, will produce a total dividend for the year of US¢118 per share, 6% higher than 2022. The company remains committed to sustainable growth to deliver a positive impact in Southeast Asia, where it is a long-term investor.

The financial results for the year ended 31st December 2023 have been prepared in accordance with International Financial Reporting Standards and have not been audited or reviewed by the auditors. The Group uses 'underlying profit attributable to shareholders' in its internal financial reporting to distinguish between ongoing business performance and non-trading items. Included in 'non-trading items' are unrealized gains/losses arising from the revaluation of the Group's equity investments.