Jardine Cycle & Carriage has reported earnings of US$1.2 billion for FY2023, up 64%, in the absence of fair value losses booked in the preceding year ended Dec 2022.
Excluding the exceptional items, the company, which owns a clutch of companies in car distribution and related businesses, will report an underlying profit that is 6% higher over FY2022.
Revenue in the same period was up 3% to US$22.2 billion.
Jardine C&C plans to pay a final dividend of 90 US cents per share, up from 83 US cents declared in the preceding final period of FY2022.
The proposed dividend will bring the total payout for FY2023 to US$1.18.
In the earnings commentary, chairman Ben Keswick says a "challenging year" is seen ahead, no thanks to lower commodity prices and only a mild recovery of sentiment in Vietnam.
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"The group’s businesses, nevertheless, have made good progress in 2023 and will remain focused on their strategic priorities to build a solid foundation for strong long-term growth," adds Keswick.
Jardine C&C shares closed on Feb 27 at $26, up 0.038% for the day but down 13.3% in the preceding 12 months.
