PSA International and its subsidiaries results for the year ended 31 December 2024
SINGAPORE : PSA International Pte Ltd (PSA) handled 100.2 million Twenty-foot Equivalent Units (TEUs) for the year ended 31 December 2024, representing a growth of 5.6% compared to the same period in 2023.
• PSA Singapore contributed 40.9 million TEUs, and PSA terminals outside Singapore delivered a total throughput of 59.2 million TEUs, both increasing 5.5% and 5.7% respectively, from the previous year.
• PSA Group revenue increased by 8.9% driven by higher throughput from ports operations and increased ocean and air export volumes from supply chain business. Net profit for the year however, declined by 25.2% from previous year due to 3.7% lower operating profit from increased operating cost and impact of inflation, and non cash impairment charge on intangible assets, which was necessitated by weaker economic outlook against carrying value.
• PSA’s balance sheet remains strong with a gross debt equity ratio of 0.51 times at the
close of 2024.
“2024 was a year of measured recovery due to the confluence of geopolitical and trade tensions, ongoing conflicts, volatile interest rates, fiscal and inflationary pressures, and extreme climate changes which exacerbated ongoing global supply chain disruptions, impacting key markets and businesses. These challenges highlighted the need to advance our strategy of investing in infrastructure, innovation and partnerships to ramp up our resilience and capabilities as a leading global port operator and supply chain solutions provider.
PSA focused on working closely with industry stakeholders last year and set a new record annual container handling volume of 100.2 million TEUs across our global port terminals, surpassing 100 million TEUs for the first time in our history. For the year ending 31 December 2024, the Group recorded an overall revenue of SGD 7.7 billion and a net profit of SGD 1.1 billion.
This accomplishment is testament to the fortitude and perseverance of many. I wish to express my profound gratitude to our Board of Directors for their strategic insights, and to our management, staff and unions, for their tenacity in driving PSA’s progress. My heartfelt thanks also extend to our customers, partners and stakeholders, for their continued trust and collaboration.
The horizons ahead are shaped by geopolitical developments, rapid technological advances,
and the urgency of climate action. To stay the course, PSA must embrace a transformative
mindset to co-create more interconnected and sustainable global supply chains. We will
endeavour to continue working closely with our stakeholders across the Group’s portfolio of
ports, supply chain solutions, marine, and digital businesses to help shape a more sustainable
world.” said Mr Peter Voser, Group Chairman, PSA International.
“PSA has exemplified exceptional resilience in 2024 amidst uncertainty in the global economy.
Despite geopolitical volatility, evolving trade policies, and rapid technological advances that
reshaped businesses, the Group crossed a historic milestone by handling 100.2 million TEUs,
reflecting a 5.6% increase from the previous year.
Against the backdrop of global supply chain challenges, our Node to Network (N2N) strategy
has made significant headway in enhancing terminal performance, transforming isolated
nodes into coordinated networks and ensuring the continuity of global trade flows in today’s
fast-changing landscape.
These remarkable achievements would not have been possible without the unwavering
dedication and tireless efforts of our management, unions, and staff. Their collective
contributions and passion have been instrumental in driving our success and growth.
Additionally, I extend my deepest appreciation to our valued customers and partners, whose
steadfast support and confidence in us have been the cornerstone of our journey.
Building on the firm foundations laid by our pioneers, PSA will continue to be aligned in our
purpose, leveraging our fabric of ports network to promote efficient trade flows. We will act
with perseverance for sustained progress in developing PSA into an organisation of
excellence. And we will achieve with pride, working alongside our customers, partners, and
stakeholders to shape the future of trade.” said Mr Ong Kim Pong, Group CEO, PSA International.