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long-term,
sustainable
value
2023
Group Overview
Jardine Matheson is a diversified Asian-based group founded in China in 1832, with unsurpassed experience in the region. Our broad portfolio of market-leading businesses are well-positioned to capture the themes of urbanisation and the rising middle-income population in Asia.
Highlights
- Underlying profit up 5% to US$1.66 billion (+7% at CER°)
- Record performance in South East Asia, driven by Astra
- Strong recoveries at DFI Retail and Mandarin Oriental
- Significant capital investments at Astra to drive future growth
- Full year dividend up 5% to US$2.25
°CER means Constant Exchange Rates
to shareholders
*The Group uses ‘underlying profit’ in its internal financial reporting to distinguish between ongoing business performance and non-trading items, as more fully described in note 41 to the financial statements. Management considers this to be a key measure which provides additional information to enhance understanding of the Group’s underlying business performance.
†Including expenditure on properties for sale and associates and joint ventures.
#Excluding net borrowings of financial services companies.
^Includes major associates and joint ventures.
Creating Value
In this section, we look at the progress Jardines has made in 2023 across our strategic priorities of: Enhancing Leadership and Entrepreneurialism, Evolving our Portfolio, Driving Innovation and Operational Excellence, and Embedding Sustainability.
Leadership and
Entrepreneurialism
our Portfolio
and Operational
Excellence
Sustainability
Chairman’s
Statement
Jardines delivered a very solid performance in 2023, benefitting from its diversified portfolio, with results above pre-pandemic levels. Challenging conditions on the Chinese mainland and in Vietnam adversely impacted Zhongsheng, Hongkong Land and THACO. Astra, however, delivered a record performance in South East Asia and both DFI Retail and Mandarin Oriental drove strong recoveries.
Ben Keswick
Executive Chairman
Group Managing
Director’s Review
We remain confident in our long-term strategy across our core markets in Asia and will continue to focus on our strategic priorities in order to deliver growth and long-term value, benefitting from our diversified portfolio.
John Witt
Group Managing Director
Financial
Review
The Group’s underlying profit and underlying earnings per share both grew by 5% in 2023 (7% and 6% respectively at constant exchange rates).
Solid performance despite challenging market conditions in China and Vietnam, reflects the Group’s diversified portfolio of leading businesses.
Graham Baker
Group Finance Director
Sustainability
Jardines has focussed on creating enduring value through our approach to business since our founding nearly two centuries ago. From the outset, we have applied a long-term perspective to growth, building resilience in our business and supporting the communities we serve. This wide historical lens informs our approach to sustainability and serves as a foundation which guides our decisions on how to shape our business for the future.
