JARDINE Matheson Holdings : J36 0%on Thursday (Mar 7) posted an underlying net profit of US$1.66 billion for the financial year 2023, up 5 per cent from underlying earnings of US$1.58 billion in 2022.

The company also noted in a bourse filing that its financials for FY2022 have been restated due to changes in its accounting policies.

Executive chairman Ben Keswick said that the group saw its underlying profit rise to “a new high” in 2023 as many of its businesses benefited from the reopening of markets following the end of the Covid-19 pandemic.

The company said that growth was primarily driven by strong results from its automotive business Astra and significantly improved contributions from DFI Retail and property group Mandarin Oriental.

Growth continued in the second half in all three businesses, but saw a marked slowdown as market conditions weakened, it added.

Jardine Matheson’s net profit was up 94 per cent to US$686 million from US$354 million.

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It also posted net non-trading losses of US$975 million in 2023. The losses were mostly due to the revaluation of the group’s investment properties portfolio and impairment of goodwill.

Earnings per share stood at US$2.37, up from US$1.22 a year ago.

A final dividend of US$1.65 per share has been proposed, which, if approved by shareholders, would bring the total dividend for the year to US$2.25 per share, up from US$2.15 a year ago. The final dividend will be paid on May 15.

The group said that it anticipates a challenging year ahead as a result of ongoing economic headwinds in key markets.

Nevertheless, it added that it remains optimistic about the future given new leadership in place across several of the group’s companies and an effective long-term strategy.

Shares of Jardine Matheson fell 1.1 per cent or US$0.43 to US$39.13 on Thursday.