PSA sets new container throughput record despite declining profits

PSA International handled 100.2 million TEUs in 2024, representing a growth of 5.6% compared to the same period in 2023.

PSA Singapore contributed 40.9 million TEUs, and PSA terminals outside Singapore delivered a total throughput of 59.2 million TEUs, both increasing 5.5% and 5.7%, respectively, from the previous year.

Additionally, PSA Group boosted revenues by 8.9%, reaching SGD 7.7 billion (US$5.7 billion), driven by higher throughput from port operations and increased ocean and air export volumes from the supply chain business.

However, the company’s net profit declined by 25.2% to SGD 1.1 billion (US$820 million) due to a 3.7% lower operating profit from increased operating cost and impact of inflation, and non cash impairment charge on intangible assets, which was necessitated by weaker economic outlook against carrying value.

PSA noted that its balance sheet remains strong, with a gross debt equity ratio of 0.51 times at the close of 2024.

Peter Voser, Group Chairman of PSA International, commented: “2024 was a year of measured recovery due to the confluence of geopolitical and trade tensions, ongoing conflicts, volatile interest rates, fiscal and inflationary pressures, and extreme climate changes which exacerbated ongoing global supply chain disruptions, impacting key markets and businesses.”

Voser pointed out that these challenges forced PSA to focus on investing in infrastructure, innovation and partnerships to increase its resilience and capabilities.

Ong Kim Pong, Group CEO of PSA International, said that “against the backdrop of global supply chain challenges, our Node to Network (N2N) strategy has made significant headway in enhancing terminal performance, transforming isolated nodes into coordinated networks and ensuring the continuity of global trade flows in today’s fast-changing landscape.”

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