PSA International has announced a container throughput of 94.8 million TEUs in 2023, representing a growth of 4.3% compared to the last year.
According to the company’s results, PSA Singapore contributed 38.8 million TEUs, and PSA terminals outside Singapore delivered a total throughput of 56 million TEUs, both increasing 4.8% and 3.9% respectively from 2022.
At the same time, PSA Group reported that its revenue decreased by 11.2% to US$7 billion due to challenging market conditions and weak trade demand, while overall net profit for the year decreased by 6.3% to US$1.5 billion. Cost inflation and higher finance costs were important factors for the profit drop, according to PSA.
“Inflation, rising interest rates, tight labour markets, geopolitical tensions, and ongoing wars impeded economic recovery worldwide,” said Peter Voser, Chairman of PSA International. “The PSA Group faced a challenging and constantly evolving business environment, but we continued to demonstrate resilience and grit while working alongside our customers, partners and stakeholders to navigate the unchartered waters.”
Ong Kim Pong, CEO of PSA International, stated, “Looking ahead to 2024, PSA will continue to focus on expanding our core business of ports and enabling more agile and resilient supply chains. In the face of uncertainties in the macroeconomic environment, PSA is committed to strengthening its fabric of port networks and supply chain services to support sustainable global trade flows.”