PSA International announces its 2023 results

Source: PSA International

PRESS RELEASE

Review of Results

• PSA International Pte Ltd (“PSA”) handled 94.8 million Twenty-foot Equivalent Units (“TEUs”) for the year ended 31 December 2023, representing a growth of 4.3% compared to 2022.
• PSA Singapore contributed 38.8 million TEUs, and PSA terminals outside Singapore delivered a total throughput of 56.0 million TEUs, both increasing 4.8% and 3.9% respectively from 2022.
• PSA Group revenue decreased by 11.2% due to challenging market conditions and weak trade demand. Profit from operations decreased by 2.6%, while overall net profit for the year decreased by 6.3% partly due to cost inflation and higher finance cost.
• PSA’s balance sheet remains strong with a gross debt equity ratio of 0.46 times at the close of 2023.

“2023 was a year of transition amidst global trade uncertainty. Inflation, rising interest rates, tight labour markets, geopolitical tensions, and ongoing wars impeded economic recovery worldwide.

The PSA Group faced a challenging and constantly evolving business environment, but we continued to demonstrate resilience and grit while working alongside our customers, partners and stakeholders to navigate the unchartered waters.

The Group delivered a credible performance in 2023 despite numerous challenges, registering 94.8 million Twenty-foot Equivalent Units (TEUs) of containers handled, S$7 billion in overall revenue and a net profit of S$1.5 billion.

I would like to thank our management, staff and unions for their steadfast dedication and commitment to service and operational excellence. I would also like to extend my appreciation to the PSA International Board of Directors for their expert guidance that has served as a compass, providing direction for the Group.

In 2024, PSA is committed to staying the path and will continue to work closely with our customers, partners and stakeholders to grow our business and deliver sustainable value.”

~ Mr Peter Voser, Group Chairman, PSA International

“Although there was a collective push for economic recovery in many developed countries, the global economy remained fraught with volatility in 2023.

Despite the challenges around the world which destabilised the outlook for recovery and disrupted supply chains, the PSA Group achieved a new record of handling 94.8 million Twenty-foot Equivalent Units (TEUs) of containers for the year ended 31 December 2023.

I would like to express my deepest gratitude to our management, staff and unions who have worked tirelessly alongside our customers across PSA’s ports, supply chain, marine and digital businesses.

I am equally grateful for the unwavering support from our partners and stakeholders as we work closely together to keep cargo moving and trade flowing.

Looking ahead to 2024, PSA will continue to focus on expanding our core business of ports and enabling more agile and resilient supply chains.

In the face of uncertainties in the macroeconomic environment, PSA is committed to strengthening its fabric of port networks and supply chain services to support sustainable global trade flows.”

~ Mr Ong Kim Pong, Group CEO, PSA International