PRESS RELEASE
Review of Results
PSA International Pte Ltd (“PSA”) processed 94.8 million Twenty-foot Equivalent Units (“TEUs”) for the year ended on December 31, 2023, showing a growth of 4.3% compared to 2022. PSA Singapore contributed 38.8 million TEUs, while PSA terminals outside Singapore handled a total throughput of 56.0 million TEUs, with both showing an increase of 4.8% and 3.9% respectively from the previous year. Despite challenging market conditions and weak trade demand, PSA Group revenue decreased by 11.2%. Profit from operations decreased by 2.6%, and overall net profit for the year decreased by 6.3% mainly due to cost inflation and higher finance cost. PSA’s balance sheet continues to remain strong with a gross debt equity ratio of 0.46 times at the end of 2023.
Mr. Peter Voser, Group Chairman of PSA International, expressed his gratitude to the management, staff, unions, and the Board of Directors for their dedication and guidance during a challenging year. He highlighted the Group’s performance in 2023, where they handled 94.8 million TEUs, recorded S$7 billion in revenue, and achieved a net profit of S$1.5 billion. Looking towards 2024, PSA remains committed to working closely with customers, partners, and stakeholders to drive business growth and deliver value sustainably.
Mr. Ong Kim Pong, Group CEO of PSA International, acknowledged the challenges faced in the global economy in 2023 but commended the record achievement of handling 94.8 million TEUs. He thanked the management, staff, unions, partners, and stakeholders for their support in keeping trade flowing smoothly. Moving forward, PSA will focus on expanding core port business and creating more agile and resilient supply chains to support global trade flows amidst uncertainties in the macroeconomic environment.
