PSA International reports strong financial results amid slight container drop

SINGAPORE : PSA International achieved a huge year-on-year increase of 71.2% in its annual revenues reaching US$7.994 billion, driven by business acquisitions and higher storage income.

Additionally, the company’s profit from operations rose by 15.3% to US$2.165 billion, while PSA’s overall net profit for 2022 grew by 13.1%, reaching US$1.621 billion.

“Amidst the many challenges, we stayed focused on our strategic priorities and delivered a
commendable performance,” pointed out Peter Voser, Chairman of PSA International.

Meanwhile, the major port and terminal operator handled 90.9 million TEUs for the year ended 31 December 2022, representing a slight decline of 0.7% from the previous year. Its flagship facility PSA Singapore contributed 37 million TEUs, while PSA terminals outside Singapore delivered a total throughput of 53.9 million TEUs, both 0.7% lower than 2021 figures.

“In line with PSA’s long-term strategy, the organisation has now been restructured into two
core businesses – Ports and Cargo Solutions, with mid-mile logistics being value-added
services that we term “Port+”, which will be our unique service differentiator,” noted Tan Chong Meng, CEO of PSA International.

“At the same time, we recognise the key role that culture plays in the successful transformation of organisations and we will be investing in further efforts to foster a more inclusive, diverse and collaborative environment – one that values innovation, people development and continuous learning to build our talent capabilities to meet the challenges ahead,” he added.