PSA International suffers throughput contraction for 2022

psa int

PSA International Pte Ltd (PSA) has announced that it has handled 90.9 million TEU in 2022, representing a decline of 0.7 per cent from the previous year.

PSA Singapore contributed 37 million TEU, and PSA terminals outside of Singapore delivered a total throughput of 53.9 million TEU, both 0.7 per cent lower than 2021.

PSA Group revenue increased by 71.2 per cent reaching $S7.9 billion ($5.8 billion) as it was supported by business acquisitions and higher storage income.

Peter Voser, Group Chairman, PSA International, said: “2022 was a very significant year for PSA as we inaugurated the mega Tuas port in Singapore and fully acquired global logistics solutions provider BDP International.

Profit from operations increased by 15.3 per cent, and overall net profit for the year increased by 13.1 to S$1.5 billion ($1.1 billion) per cent from 2021 due to growth in other income streams and contributions from acquisitions, reported PSA.

READ: PSA International stays king in terminal operator rankings

Voser further stated that much of the unpredictability of 2022 was due to a combination of factors including the pandemic, record inflation, and the war in Ukraine.

In 2021, PSA International posted revenues of $4.6 billion, reflecting an increase of 11.7 per cent over the $4.1 billion in 2020. This was primarily driven by higher container volumes and storage revenues.

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