PSA International’s FY2023 net profit drops 6.3% to S$1.5 billion on lower revenue

TEMASEK-OWNED port operator PSA International’s 2023 net profit dropped 6.3 per cent from the year before to S$1.5 billion.

This came as its revenue for the full year fell 11.2 per cent to S$7.1 billion, from S$8 billion the year before, the company said in a bourse filing on Friday (Mar 22).

PSA International handled 94.8 million shipping containers, known in the industry as twenty-foot equivalent units (TEUs) for the financial year ended Dec 31, 2023. This represented a growth of 4.3 per cent from the previous year.

Out of this, its Singapore operations contributed 38.8 million TEUs while PSA terminals outside the Republic delivered a total throughput of 56 million TEUs, increasing 4.8 per cent and 3.9 per cent respectively from a year ago.

PSA said its balance sheet remains strong with a gross debt equity ratio of 0.46 times at the end of its financial year.

Peter Voser, PSA International’s group chairman, said that 2023 was a year of transition amid global trade uncertainty.

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“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,” he added.

Ong Kim Pong, group chief executive, said PSA will focus on expanding its core business of ports and enabling more agile and resilient supply chains in 2024.