PSA Closes 2018 ‘on a Firm Footing’
- Business & Finance
Despite challenging market conditions, Singapore-based port operator PSA International saw only a slight decrease in its full-year net profit for 2018.
PSA’s net profit stood at SGD 1.25 billion (USD 925.36 million) in 2018, compared to SGD 1.29 billion (USD 954.97 million) seen a year earlier, representing a drop of 3.2 percent.
On the other hand, PSA revenue rose by 3 percent to SGD 4.08 billion in 2018 from SGD 3.96 billion posted in 2017.
As World Maritime News earlier reported, the port operator closed 2018 by handling 81 million TEUs, an increase of 9.1 percent compared to 2017.
“PSA concluded 2018 on a firm footing, notwithstanding slower global container trade growth,” Tan Chong Meng, Group CEO, PSA International, pointed out.
“2018 was a year of constant change, beset by the headwinds of global economic and geopolitical uncertainty, escalating trade wars, and persistent operational challenges in the shipping industry due to overcapacity, low freight rates and rising fuel costs. Despite all this, PSA managed a creditable and resilient performance in 2018,” Fock Siew Wah, Group Chairman, PSA International, commented.
“As we head into 2019, the outlook remains challenging as the weakening world economy and prevailing protectionist sentiments will likely exact their toll on global trade.”
“Nonetheless, PSA will continue to invest in port and related facilities, nurture our people, expand our operational and digital capabilities, and strive to innovate and improve supply chain efficiency for all,” he concluded.
Specifically, the port operator plans to focus on other segments in the supply chain to create new cargo flow solutions, according to the group’s CEO. This includes co-creating the Internet of Logistics with like-minded partners as digital technologies are seen as a game-changer for PSA.
With flagship operations in Singapore and Antwerp, PSA’s portfolio comprises a network of over 50 terminals in 17 countries.