Jardine Cycle & Carriage (C07) H2 2023 earnings summary

Executive summary

• FY2023 underlying profit attributable to shareholders rose 6% to US$1,160m, a record, driven mainly by Astra; H2 growth slowed to 1% YoY.

• Revenue increased 3% to US$22,235m; reported profit attributable to shareholders rose 64% to US$1,215m, including net non-trading gains of US$55m.

• Total dividend per share increased 6% to US¢118; the final US¢90 dividend was proposed, subject to shareholder approval.

Financial highlights

• Revenue was US$22,235m, up 3% YoY; combined gross revenue, including 100% of associates and joint ventures, was US$45.1bn, broadly stable.

• Operating profit was US$3,104m versus US$2,710m; profit after tax reached US$2,977m versus US$2,456m.

• Net financing charges rose to US$123m from US$58m, mainly reflecting Astra investment in nickel businesses and higher parent-company interest rates.

• Operating cash flow was US$2,471m versus US$2,851m; investing outflow before disposals was US$3,454m, reflecting acquisitions and capital investment.

Outlook and guidance

• A challenging year was expected, with lower commodity prices and only a mild recovery in Vietnamese sentiment; businesses remained focused on strategic priorities and long-term growth.

• Long-term priorities include portfolio resilience, low-carbon investment and building sustainable earnings and dividends from Southeast Asian growth opportunities.