Jardine C&C reports 6% profit growth to $1.6b in FY23, Astra leads performance

Earnings per share ended at 308 US cents for 2023.

In 2023, Jardine Cycle & Carriage (C&C) witnessed and underlying profit growth of 6% year-on-year (YoY) to $1.6b  (US$1.2b), primarily driven by a robust performance from Astra, contributing $1.3b (US$1.0b), up 12% YoY. 

Corporate costs decreased slightly from $64.5m (US$48m) to $63.2m (US$47m), mainly due to foreign currency loan translations resulting in a $24.2m (US$18m) increase in foreign exchange gains, offset by a $17.5m (US$13m) increase in net financing charges. 

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Jardine C&C’s profit attributable to shareholders amounted to $1.6b (US$1.2b), a 64% rise YoY. The company’s basic and diluted earnings per share both climbed 65% YoY to 308 US cents.

(US$1.00 = $1.35)