PSA International’s 2022 net profit rises 13.5% to S$1.6 billion
PSA International’s 2022 net profit grew 13.5 per cent from the year before to S$1.6 billion, said the Temasek-owned port operator in an exchange filing on Friday (Mar 17).
Group revenue jumped 71.2 per cent over the same period due to contributions from business acquisitions and higher storage income.
PSA International handled 90.9 million shipping containers, known in the industry as Twenty-foot Equivalent Units (TEUs) for the financial year ended Dec 31, 2022. This represented a contraction of 0.7 per cent from the previous year.
Out of this, its Singapore operations contributed 37 million TEUs, and PSA terminals outside the Republic delivered a total throughput of 53.9 million TEUs, both 0.7 per cent lower than in 2021.
PSA said its balance sheet remains strong with a gross debt equity ratio of 0.49 times at the end of its financial year.
Peter Voser, group chairman of PSA International, said 2022 was a year marked by unpredictability.
“Even as Covid-19 transitioned to endemic for most major economies and people learned to live under a new normal, businesses and communities continued to face macroeconomic uncertainties arising from geopolitical challenges such as ongoing trade sanctions, the war in Ukraine, record inflation, rising fuel and energy costs, supply chain disruptions and growing climate-related pressures,” he said.
Voser added that 2022 was a significant year for the operator as it inaugurated the Tuas mega port in Singapore and fully acquired global logistics solutions provider BDP International.
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