PSA International posts ‘resilient’ results for 2023 despite challenging market conditions

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PSA International Pte Ltd (PSA) handled 94.8 million 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.

However, 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,” said Peter Voser (pictured), Group Chairman, PSA International.

“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.”

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