Mr Weatherall said the group had worked hard at 'getting our businesses back on track'.

'[But] it's going to be tough to replicate the rate of growth over the next three to four years that we had over the last three to four years,' he said.

'To some extent we've been recovering from bad markets.'

Jardine Matheson, founded in Guangzhou in 1832 and one of Hong Kong's first incorporated companies, said net profit rose to US$947 million, or $2.67 per share, from US$85 million in 2003.

While profit growth was reported in most of its businesses, the property-led rebound in Hong Kong and greater political stability in Indonesia were key factors in last year's success.

On Monday, Hongkong Land Holdings - the largest landlord in Central and a company in which Jardine Matheson sister firm Jardine Strategic Holdings holds a 43 per cent stake - reported a net profit of US$1.86 billion for last year, reversing its losses from 2003.

Jardine Strategic reported a net profit of US$1.12 billion for last year after losing US$13 million in 2003.

Contributions from businesses in Southeast Asia jumped from less than 10 per cent five years earlier to more than 40 per cent last year, Mr Weatherall said.

Profits from Singapore-listed Jardine Cycle & Carriage almost doubled to US$130 million last year from US$70 million in 2003.

This was largely due to contributions from its 48 per cent holding in Indonesian carmaker and palm oil trader Astra.

While denying rumours of plans to privatise key companies in the group, Mr Weatherall said it would continue to look at repurchasing shares in some group companies, including the holding company.

Jardine Matheson had received regulatory permission to increase its stake in Jardine Strategic to 85 per cent from 80 per cent, he said.