PSA International Pte Ltd (PSA) achieved a revenue increase of 8.9 per cent for the year ending 31 December 2024, totalling SGD 7.7 billion ($5.7 billion).
This growth was primarily driven by higher throughput from port operations and increased export volumes across both ocean and air freight within its supply chain business.
Despite the revenue boost, PSA saw a decline in net profit, which dropped by 25.2 per cent to SGD 1.1 billion ($819.6 million). This decrease was largely attributed to a 3.7 per cent reduction in operating profit due to rising operating costs, inflationary pressures, and a non-cash impairment charge on intangible assets.
The impairment was necessary due to the weaker economic outlook, which led to a reassessment of the carrying value of some assets.
The company’s balance sheet remains robust, with a solid gross debt-equity ratio of 0.51 times at the close of 2024, reflecting financial stability despite the challenges faced during the year.
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Peter Voser, Group Chairman of PSA International, commented on the economic conditions, stating: “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.
“These challenges highlighted the need to advance our strategy of investing in infrastructure, innovation and partnerships to ramp up our resilience and capabilities.”
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Looking forward, Ong Kim Pong, Group CEO, discussed PSA’s ongoing efforts to improve global supply chain continuity through its “Node to Network” (N2N) strategy, which aims to transform isolated terminals into coordinated networks.
“These remarkable achievements would not have been possible without the unwavering dedication and tireless efforts of our management, unions, and staff,” he stated.
Despite the profit downturn, PSA remains optimistic about its future, with a clear focus on sustaining growth through innovation and strong stakeholder collaboration.
Tuas Port, the world’s largest fully automated container terminal, was designed to meet the increasing needs of international shipping, aiming to enhance Singapore’s position as a leading transshipment hub.
