PSA International earnings down 6.3% y-o-y to $1.46 billion in FY2023

Group revenue decreased by 11.2% y-o-y to $7.10 billion due to challenging market conditions and weak trade demand.

PSA International has reported earnings of $1.46 billion for the FY2023 ended Dec 31, 2023, down 6.3% compared to its $1.56 billion earnings in FY2022.

For the full-year period, revenue decreased by 11.2% y-o-y to $7.10 billion due to challenging market conditions and weak trade demand. Profit from operations decreased by 2.6% y-o-y to $2.11 billion, while the decrease in overall net profit for the year was also affected by cost inflation and higher finance cost.

Notwithstanding, PSA handled 94.8 million twenty-foot equivalent units (TEUs) in FY2023, representing a growth of 4.3% compared to FY2022.

PSA Singapore contributed 38.8 million TEUs while PSA terminals outside Singapore delivered a total throughput of 56.0 million TEUs, increasing 4.8% and 3.9% from FY2022, respectively.

The company notes that its balance sheet remains strong with a gross debt-to-equity ratio of 0.46 times as at Dec 31, 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,” says group chairman Peter Voser.

“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.”

Group CEO Ong Kim Pong adds: “Despite the challenges around the world which destabilised the outlook for recovery and disrupted supply chains, the PSA Group achieved a new record of handling 94.8 million TEUs of containers for the year ended Dec 31, 2023.”

Looking ahead to 2024, Ong says PSA will continue to focus on expanding its core business of ports and enabling more agile and resilient supply chains.

He notes that PSA is committed to strengthening its fabric of port networks and supply chain services to support sustainable global trade flows in the face of macroeconomic uncertainties.

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