PSA International reported that earnings in 2024 plunged despite moving record numbers of containers at its ports in Singapore and overseas.
Net profit for the 12 months to December 31, 2024, came in at SGD1.095 billion (US$816.1 million), down 25.2 per cent from SGD1.463 billion in 2023, due to higher operating costs and non-cash impairments to account for a weaker economic outlook, according to Singapore's The Strait Times.
The port operator racked up revenue of SGD7.7 billion, 8.9 per cent higher than the previous year's SGD7.1 billion, thanks to a record number of containers moved worldwide and higher demand from its supply chain businesses.
Group chairman Peter Voser said: '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.'
He added that these factors 'exacerbated ongoing global supply chain disruptions, impacting key markets and businesses'.
psa reported in January that it handled 100.2 million TEU, at its port terminals in 2024, up 5.6 per cent on 2023. It was the first time PSA had moved more than 100 million TEU in a single year. The total comprised 40.9 million TEU in Singapore and 59.2 million at its terminals overseas.
PSA International group chief executive Ong Kim Pong noted that the firm's 'node-to-network strategy', which is designed to integrate its port operations with broader logistics ecosystems, 'has made significant headway in enhancing terminal performance, transforming isolated nodes into coordinated networks and ensuring the continuity of global trade flows'.
Initiatives under that strategy include a new SGD647.5 million Tuas warehousing facility equipped with advanced robotics and automation systems, which will improve Singapore's ability to handle special cargo shipments, such as pharmaceuticals and chemicals, when it is ready in 2027.
The facility will complement the new Tuas Port, which will be the world's largest automated terminal when fully complete in the 2040s.
PSA announced in February that Tuas Port has handled 10 million TEU since operations began in September 2022.
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Net profit for the 12 months to December 31, 2024, came in at SGD1.095 billion (US$816.1 million), down 25.2 per cent from SGD1.463 billion in 2023, due to higher operating costs and non-cash impairments to account for a weaker economic outlook, according to Singapore's The Strait Times.
The port operator racked up revenue of SGD7.7 billion, 8.9 per cent higher than the previous year's SGD7.1 billion, thanks to a record number of containers moved worldwide and higher demand from its supply chain businesses.
Group chairman Peter Voser said: '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.'
He added that these factors 'exacerbated ongoing global supply chain disruptions, impacting key markets and businesses'.
psa reported in January that it handled 100.2 million TEU, at its port terminals in 2024, up 5.6 per cent on 2023. It was the first time PSA had moved more than 100 million TEU in a single year. The total comprised 40.9 million TEU in Singapore and 59.2 million at its terminals overseas.
PSA International group chief executive Ong Kim Pong noted that the firm's 'node-to-network strategy', which is designed to integrate its port operations with broader logistics ecosystems, 'has made significant headway in enhancing terminal performance, transforming isolated nodes into coordinated networks and ensuring the continuity of global trade flows'.
Initiatives under that strategy include a new SGD647.5 million Tuas warehousing facility equipped with advanced robotics and automation systems, which will improve Singapore's ability to handle special cargo shipments, such as pharmaceuticals and chemicals, when it is ready in 2027.
The facility will complement the new Tuas Port, which will be the world's largest automated terminal when fully complete in the 2040s.
PSA announced in February that Tuas Port has handled 10 million TEU since operations began in September 2022.
SeaNews Turkey
