Jardine Motors

• Underlying net profit 6% lower than the prior year
• Benefitted from its 21% interest in Zhongsheng due to higher contribution in 2022
• The Group no longer had the benefit of contributions from its Chinese mainland business following its disposal last year
• Despite constrained supply, the new car business performed well due to strong margins

The Group’s Motors business produced an underlying net profit of US$299 million in 2022, 6% lower than the prior year. The Group no longer had the benefit of contributions from its Chinese mainland business following its disposal to Zhongsheng in late 2021, although it benefitted from a higher contribution from its 21% interest in Zhongsheng in respect of the second half of 2021 and the first half of 2022, with a strong performance in its used car business.

The Group’s United Kingdom motor business delivered a slightly lower profit in 2022, with the business impacted by unfavourable exchange rates in the period. Despite constrained supply, the new car business performed well due to strong margins. Used cars also remained resilient, with lower volumes offset by improved margins.