PSA International Ups Full-Year Profit

Singapore-based port operator PSA International ended 2017 with a 5.1 percent increase in its net profit.

The company’s net profit jumped to SGD 1.23 billion (USD 935.3 million) in 2017, compared to SGD 1.17 billion seen a year earlier.

In 2017, PSA Group revenue rose by 7.8 percent to SGD 3.97 billion from SGD 3.68 billion recorded in 2016. What is more, profit from operations grew by 5 percent compared to the previous year.

“Despite the social-political upheavals, economic disruptions, rising protectionism and chaotic operating conditions brought about by malicious large-scale cyber attacks on certain entities in 2017, PSA managed to continue a growth trajectory, performing creditably due in no small part to a resurgent global economy that appeared resistant to isolationist rhetoric and the ubiquitous consolidation of shipping alliances which hub their shipping services in many PSA terminals,” Fock Siew Wah, Group Chairman at PSA International, commented.

PSA International handled 74.24 million TEUs for the year ended December 31, 2017, representing an increase of 9.8 percent from the previous year.

As informed, PSA’s flagship Singapore Terminals contributed 33.35 million TEUs, increasing 9 percent over 2016. PSA terminals outside Singapore delivered a total throughput of 40.89 million TEUs, rising 10.4 percent over 2016.

“2017 ended on a relatively positive note as global container throughput had its strongest showing since 2011, aided by stronger economic growth in many countries. The frenzied container liner shipping consolidation in 2016, which percolated into service deployment changes in 2017, also contributed towards PSA’s group throughput for the year,” Tan Chong Meng, Group CEO, PSA International, explained.

“Going into 2018, we are keenly aware that the dynamics of our industry remain highly changeable and competitive. As we witness the current wave of digitalisation and acknowledge the increasing quest for cargo flow visibility, we believe PSA can work with our customers and partners to create a new suite of solutions that exploit the opportunities which digitalisation offers,” Chong Meng concluded.