PSA Reports Container Growth Amid Revenue And Profit Declines

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  • PSA International achieved a container throughput of 94.8 million TEUs in 2023, with significant contributions from PSA Singapore and terminals outside Singapore.
  • Despite this growth, the company experienced an 11.2% decline in revenue and a 6.3% decrease in net profit due to challenging market conditions.

PSA International, a leading global port group, announced a notable achievement in container throughput for the year 2023. The company reported a total throughput of 94.8 million TEUs, indicating a growth of 4.3% compared to the previous year.

Contribution of PSA Singapore

PSA Singapore, a key contributor to this success, handled 38.8 million TEUs, reflecting a 4.8% increase from 2022. Similarly, PSA terminals outside Singapore recorded a throughput of 56 million TEUs, marking a 3.9% growth over the same period.

Financial Challenges

Despite the positive performance in container throughput, PSA Group faced significant challenges in terms of financial results. The company reported a notable 11.2% decline in revenue, amounting to US$7 billion for the year. Additionally, the net profit for the year experienced a decline of 6.3%, totaling US$1.5 billion.

Factors Behind Declines

These declines were attributed to challenging market conditions, weak trade demand, cost inflation, and higher finance costs. Peter Voser, Chairman of PSA International, acknowledged the tough business environment but expressed confidence in the company’s resilience and determination.

Commitment to Resilience

He emphasized PSA’s commitment to working alongside customers, partners, and stakeholders to navigate through uncertain times. Ong Kim Pong, CEO of PSA International, outlined the company’s focus on expanding its core port business and enhancing supply chain resilience in the face of ongoing uncertainties in the macroeconomic environment.

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Source: Container News