Port operator PSA International 2021 net profit up 18.2% to S$1.4b

TEMASEK-OWNED port operator PSA International saw net profit for 2021 climb 18.2 per cent to S$1.4 billion from S$1.2 billion in 2020, the company said in a press statement on Friday (Mar 18).

Revenue was up 11.7 per cent year on year to S$4.7 billion from S$4.2 billion, due chiefly to higher throughput and storage revenue.

PSA International handled 91.5 million Twenty-foot Equivalent Units (TEUs) for the year, up 5.6 per cent from 2020.

Of this, PSA Singapore's contribution inched up 1.6 per cent from 2020 to 37.2 million TEUs, while terminals outside Singapore saw their contribution rise 8.4 per cent to a total throughput of 54.3 million TEUs.

Profit from operations advanced 13.7 per cent to S$1.9 billion, while finance costs fell 18.2 per cent to S$195.8 million.

As at end-2021, PSA International said its balance sheet remains strong with a gross debt equity ratio of 0.4 times.

Tan Chong Meng, chief executive of PSA International, said that 2021 had a backdrop of widespread supply chain disruptions and congestion, coupled with an uneven recovery in global trade and demand.

"As a global port operator and cargo solutions provider, PSA is well-positioned to accelerate the shift towards sustainable trade. We are building up our physical, technological and digital capabilities so that we can provide more innovative cargo solutions and enable agile, resilient and sustainable supply chains," he said.

Tan added that PSA International will continue to collaborate with like-minded partners, customers and suppliers, as this will mean "even wider opportunities" to chart supply chain transformation and amplify the positive impact for stakeholders.