PSA faces financial setback amid challenging market conditions

PSA Group revenue plummets by 11 per cent

The PSA Group has announced an 11.2 per cent decline in revenue due to challenging market conditions and decreased trade demand.

Profit from operations declined by 2.6 per cent, but overall net profit decreased by 6.3 per cent, owing to cost inflation and higher finance costs.

PSA Singapore moved 38.8 million TEU, while PSA terminals outside Singapore supplied a total throughput of 56 million TEU, up 4.8 per cent and 3.9 per cent, respectively, from 2022.

In January, PSA announced it handled 94.8 million TEU in the fiscal year ending 31 December 2023, a 4.3 per cent increase over the previous year.

PSA’s balance sheet remains strong, with a gross debt-equity ratio of 0.46 times at the end of 2023.

Peter Voser, Group Chairman, PSA International, said: “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.

“The 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.

“The Group delivered a credible performance in 2023 despite numerous challenges, registering 94.8 million TEU of containers handled, S$7 billion ($5 billion) in overall revenue and a net profit of S$1.5 billion ($1.1 billion).”

Recently, PSA announced a planned expansion of its Jurong Island Terminal (JIT).

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